Inox Wind Shares Locked In 10% Lower Circuit After Large Trades

Shares of Inox Wind Ltd. were locked in a lower circuit on Tuesday after two large trades.

At least 6.03 crore shares, or 6% stake, changed hands in two trades at an average price of Rs 150 apiece, according to Bloomberg. The buyers and sellers have not been confirmed immediately.

Inox Wind promoter, Inox Wind Energy Ltd., is planning to offload up to a 5% stake in the company via open market operations, according to media reports. The promoter holds a 38.43% stake in the heavy electrical equipment company as of March 2024, according to BSE data.

The total number of shares of the company held by all stakeholders as of March 2024 was 32.59 crore. But, the company, on May 24, 2024, issued bonus shares in the ratio of 3:1, which takes the total numbed of shares held to 97.78 crore.

Shares of Inox Wind fell as much as 9.99% to hit the lower circuit of Rs 147.75 apiece on the NSE. This compares to a 0.12% advance in the benchmark Nifty 50 as of 9:55 a.m.

The stock has risen 340% in the last 12 months and 18% on a year-to-date basis. The total traded volume so far in the day stood at 72 times its 30-day average. The relative strength index was at 49.

All four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 19.8%.

Correction: The copy updated with correct equity numbers.