Inox Wind shares dip 18% in last 2 days. What’s wrong?
Following the sale of a 5% stake by the promoter entity, shares of the high-performing stock Inox Wind experienced an 18% decline over the last two days, reaching the day's low of Rs 134 on the BSE on Wednesday.
After the sale of a 5% by the entity, of the multibagger stock dipped in the last two days to the day's low of Rs 134 on on Wednesday.The promoters of on Tuesday offloaded 5% stake in the company via a , which was executed at a floor price of Rs 151 apiece, at a discount of nearly 8% from the stock's previous close.
As of the quarter ended March 2024, held a 38.43% stake in the company. 5% each stake was held by promoter groups , and while the remaining 47.13% stake was held by the public.
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Inox Wind had also announced a 1:3 earlier in the month to its eligible shareholders, meaning that for every 1 equity share held, 3 new equity shares will be issued. The shares started trading on an ex-bonus basis on May 24.
The company had recently also received an ‘A’ rating from CARE Ratings for its banking facilities which reflects Inox Wind’s strong , robust execution capabilities, large order book, and strong macro tailwinds.
The stock has given 327% gains to its investors in the last one year while it has more than doubled in the last 6 months itself. However, the stock has declined by 10% in the last month.
Currently, on charts, the stock is placed below its 20 and 50-day exponential moving averages but sustaining above the 100 and 200 DEMA as per Trendlyne data, while on RSI, the stock is neutrally placed near the 50 mark.
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Source: Stocks-Markets-Economic Times
