Mauritius-based Pine Oak Global Fund has reduced its stake in Ganga Forging Ltd by nearly 3% through an open market transaction, according to the latest bulk deal data. The sale comes after sustained weakness in the stock, which snapped a five-session losing streak on July 27.
The foreign investor sold 1 crore equity shares, representing 2.97% of Ganga Forging's paid-up equity capital, at Rs. 1.67 per share. The transaction was valued at Rs. 1.67 crore. Before the sale, Pine Oak Global Fund held a 12.76% stake, or 4.3 crore shares, in the Gujarat-based steel forging company.
The shares were purchased by multiple investors through separate bulk deals. Soham Vasantbhai Mangroliya acquired 42.03 lakh shares worth Rs. 70.19 lakh at Rs. 1.67 per share, while Rohan Madhubhai Vekaria bought 39.78 lakh shares valued at Rs. 66.43 lakh at the same price.
Thakor Nayana Chandubhai purchased another 19.12 lakh shares at Rs. 1.63 per share for Rs. 31.17 lakh.
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Following the transaction, Ganga Forging shares recovered 0.6% to close at Rs. 1.68 on the NSE, ending five consecutive sessions of losses. The stock has remained under pressure in recent months, reflecting weak investor sentiment in the small-cap industrial segment.
Ganga Forging manufactures forged and machined steel components used across industries including automotive, railways, mining, oil and gas, agriculture and engineering. The company had earlier informed exchanges about plans to raise funds through a rights issue, signalling efforts to strengthen its balance sheet and support future growth.
The bulk deal session also witnessed activity in Optivalue Tek Consulting, whose shares hit the 20% upper circuit at Rs. 118.95, a record high after a strong breakout.
PG Foils, which owned a 3.61% stake in Optivalue as of March 2026, sold 2.56 lakh shares, equivalent to 1.09% equity, at Rs. 114.31 per share in a deal worth Rs. 2.92 crore.
On the buying side, Sarabpreet Kaur acquired 3.84 lakh shares worth Rs. 4.37 crore at Rs. 113.88 per share, while Suresh Zunzunwala purchased 3.2 lakh shares valued at Rs. 3.69 crore at Rs. 115.58 per share.
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