Inox Wind plunges 7% after nearly 10% of equity changes hands in large trade
Previously, Inox Wind promoters Inox Wind Energy Ltd and Devansh Trademart Llp had sold a total of 2.39 crore shares or around 7% of the equity stake in large trade deals at a price of ₹208 per share on August 8, 2023.
Inox Wind Ltd shares dropped nearly 7% on Tuesday after nearly 3.2 crore equity shares, representing around 10% equity stake, changed hands in large trade.
According to market data, 3.2 crore equity shares were traded in a large deal at a price of ₹210 per share, totalling around ₹672 crore.
Exchanges are yet to report about the buyers and sellers of the shares.
In another large trade, Inox Wind saw about 92 lakh shares, representing 2.8% equity, changed hands via block deals today. Buyers and sellers are not known immediately.
The scrip fell over 3% to trade at ₹216.70 during today's late afternoon deals.
The stock closed at ₹223.60 on BSE on Monday.
Inox Wind shares tanked up to 7% to a low of ₹207.75 apiece on BSE in morning deals on Tuesday. Trading volume surged by around 245 times against the two average of 1.32 lakh shares.
Inox Wind shares had been on a rising streak since October 25 and gained around 13% in the four sessions up to October 30.
The promoter holding company of Inox Wind Energy Ltd (IWEL) has sold its stake in Inox Wind Ltd to both long-only domestic and FII investors, said Wholetime Director Devansh Jain while speaking to CNBC-TV18.
"We are always maintained publicly that our larger goal is to make this entity and net debt free," Jain said.
He also said that the company ended up raising close to Rs 800 crore today.
Previously, Inox Wind promoters Inox Wind Energy Ltd and Devansh Trademart Llp had sold a total of 2.39 crore shares or around 7% of the equity stake in large trade deals at a price of ₹208 per share on August 8, 2023.
Inox Wind Ltd, a part of INOXGFL Group, is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions. Inox Wind Energy Ltd is the holding company of the wind business.
Inox Wind reported a consolidated revenue of ₹393 crore in Q2FY24 compared to ₹112 crore in the year-ago quarter, registering a growth of 250% YoY, despite Q2 being a subdued period for the wind industry due to the impact of monsoons.
It posted a consolidated EBITDA of ₹70 crore in Q2 of FY24 as against an EBITDA loss of ₹19 crore in Q2 of FY23.
Inox Wind reported a profit after tax of ₹5 crore in Q2FY24 compared to a loss of ₹112 crore in the corresponding quarter a year ago.
First Published: Oct 31, 2023 12:04 PM IST
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