Amara Raja Batteries, Reliance Power, Gruh Finance, and Reliance Capital were among the top 10 stocks in the Nifty200 index that have witnessed a prominent decrease in their promoter shareholding in the June quarter, according to a report by IDBI Capital.
Other stocks include Bharti Airtel, L&T Tech, Piramal Enterprises, SBI Life, ZEE, and Indian Bank.
Promoter holding fell the most in Amara Raja Batteries, down 24 percent from 52.1 percent in March 2019 to 28 percent in June 2019. Meanwhile, DIIs have increased their holding in the company by 2.46 percent, from 9.8 percent in March 2019 to 12.27 percent in June 2019. Mutual funds holding in the company has also risen by 1 percent in this quarter, however, FII holding fell by 2 percent. The stock has lost over 13 percent in 2019 and 22 percent in the last 1 year.
Source: IDBI Capital Report
Meanwhile, promoters' holding in Reliance Power also declined 11.12 percent, from 56.29 percent in March 2019 to 45.17 in June 2019. Mutual funds and FIIs also reduced their holding by 1.46 percent and 1.24 percent, respectively this quarter. The debt-laden company has plunged 85 percent in 2019 and 88 percent in the last 1 year.
Gruh Finance's promotor holding was also reduced by 8.67 percent in Q1, from 56.10 percent to 47.43 percent (QoQ). However, FIIs increased their holding in the company by 7.99 percent to 18.75 percent (QoQ) and mutual funds raised their holding by 1.18 percent to 10.6 percent. The stock has declined 16 percent in 2019 and 38 percent in the last 1 year.
Gruh, a subsidiary of HDFC Ltd to support low-cost housing, said the board of directors in January approved the merger of the company with Bandhan Bank.
Next on the list is Reliance Capital, which lost promoter holding by 5.78 percent to 41.71 percent from 47.49 percent. MFs, FIIs, and DIIs also lowered their holding in Q1 in the company amid defaults and downgrades.
Bharti Airtel's promoter holding also declined 4.43 percent to 62.71 percent from 67.14 percent (QoQ). However, FIIs increased their holding by 4.44 percent to 22.06 percent in June 2019.
Other stocks with decreased promoter holdings include L&T Tech (down 3.9 percent), Piramal Entreprises (down 3.6 percent), SBI Life (down 2.5 percent), ZEE (down 2.4 percent), and Indian Bank (1.86 percent).
Among gainers, promoter holding in Bank of Baroda rose 5.98 percent, Dish TV grew 5.44 percent, Bajaj Finance increased 3.09 percent, DLF advanced 3.04 percent and Bajaj Finserv was up by 2.35 percent in the June quarter.
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