Bondada Engineering share price falls 10% in 3 days despite promoter increasing stake; details here | Stock Market News
Source: Live Mint
Bondada Engineering’s share price has seen significant losses in the last three days, even though a company promoter raised his stake in the telecom infrastructure firm through an open market transaction.
A promoter’s increasing stake in a company is generally seen as a positive for the stock because it indicates the promoter’s confidence in the healthy growth prospects of the company and its sound financial health.
On Thursday, March 13, the small-cap stock opened at ₹376.90 against its previous close of ₹367.70 and dropped 3.2 per cent to the level of ₹356. At this price, the stock has lost over 10 per cent in three days, including Thursday.
Bondada promoter raises stake
In an exchange filing on March 13, the company said its promoter Bondada Raghavendra Rao increased his stake in the company to 5,02,50,000 shares, equivalent to 45.76 per cent stake by acquiring 8,600 shares of the company through open market transaction. Before the acquisition, he held 5,02,41,400 shares, or 45.75 per cent stake, in the company.
