Crompton Greaves may slip to Rs 77-75: Jai Bala

Bala told CNBC-TV18, "The charts are looking ugly for Crompton Greaves and it had put in a decent base around the lows it made around Rs 100 odd. But it looks like that is not going to be the case. The stock is going to go to double digits and there is a strong possibility. It is going to go down to about Rs 77-75 in the medium-term; medium-term is about three-six months timeframe."

He further added, "There is a big holder in the stock who has been holding the stock for long time and unless this big holder capitulates, I do not think you are going to see a bottom for this stock and as I said before there is a good possibility that the stock is going to go somewhere in the region of Rs 77-75."