Inox Wind shares dip 18% in last 2 days. What’s wrong?
Synopsis
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.
As of the quarter ended March 2024, IWEL held a 38.43% stake in the company. 5% each stake was held by promoter groups Aryavardhan Trading, Inox Leasing And Finance and Devansh Trademart while the remaining 47.13% stake was held by the public.
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Inox Wind had also announced a 1:3 bonus share issue 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 financial position, robust execution capabilities, large order book, and strong macro tailwinds.
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