Balu Forge shares hit 20% lower circuit on heavy volumes

Balu Forge shares see profit booking in trade.

Balu Forge Industries shares plunged 20 percent to hit the lower circuit on Wednesday amid heavy selling pressure and high volumes.

The stock slumped to Rs 465.30 on the NSE. It opened lower by 2.18 percent and has been declining for the past five trading sessions.

The sharp fall was accompanied by high trading activity. Around 90 lakh shares were traded on the NSE, with a turnover of about Rs 440.78 crore till 12.30 pm. There was no immediate company-specific trigger identified for the day’s decline.

Following the sell-off, the company’s market capitalisation fell to Rs 5,736.07 crore.

Recently, the promoters had bought 19,000 shares from the open market.

Shares of Balu Forge Industries have declined 38 percent over the past one year and are down 32 percent in the last six months.

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