Sona BLW Precision Shares Drop 3% As Former Chair Rani Kapur Seeks Determent Of AGM

Sona BLW Precision Forgings Ltd. share price fell nearly 3% in Friday session controversies stirred after former Chairperson Rani Kapur sought determent of the company's annual general meeting (AGM).

She has alleged coercion, document misuse, attempts to usurp family legacy after Sanjay Kapur's death, ANI reported. However, the annual general meeting is happening as it is was planned for Friday.

Sona BLW Precision Forgings share price fell 2.95% to Rs 476.70 apiece. It was trading 2.57% down at Rs 478.3 apiece as of 1:11 p.m., as compared to 0.82% decline in the NSE Nifty 50 index.

The stock declined 31.48% in 12 months, and 19.67% on year-to-date basis. The relative strength index was at 49.78. Out of 19 analysts tracking the company, 12 maintain a 'buy' rating, four recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.4%.