As Indian stocks tumbled because of the Covid-19 uncertainty, tracking the biggest drop in global equity indices in more than a decade, promoters of several domestic companies used the opportunity increase stake in their firms.
Among the Nifty 50 constituents, 12 saw controlling shareholders increase stake, according to exchange filings. Tata Group led the pack. Tata Sons Pvt. Ltd., parent of India's largest conglomerate, raised its holding in Tata Motors Ltd., the owner of luxury carmaker Jaguar Land Rover, and Tata Steel Ltd.
The Japanese parent of Maruti Suzuki India Ltd., the nation's largest carmaker, also acquired more than 2 lakh shares in the Indian arm in March.
The buying by promoters came as India's Nifty 50 tumbled more than 30 percent before recovering some losses. Broader Nifty Midcap 100 and Smallcap 100, too, plunged as the nation announced lockdown to check the spread of the pneumonia-causing virus that has taken the biggest toll among the elderly and people with existing conditions.
Outside Nifty 50, promoters of other companies also increased holding in market and off-market buying. Here's the list of companies that saw the controlling shareholder increase stake by at least 0.5 percentage points.
Heavy buying was seen by promoters of SMS Life Sciences Ltd., while the German parent of BASF Ltd. increased its holding in the company to more than 50 percent.
Sameer Gehlaut bought 58 lakh shares in Indiabulls Housing Finance Ltd., while Tata Sons increased sake in other group companies including Tata Chemicals Ltd. and Tata Power Ltd.
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