VST Industries shares tanked nearly 8 percent in trade on September 9 as investors rushed to book profits off the stock after its over 18 percent surge in the past session.
The stock, part of ace investor Radhakishan Damani's portfolio, surged more than 18 percent in the previous session as it marked the record date for the company’s bonus issue. In July, VST Industries announced a 10:1 bonus share issue, initially setting August 30 as the record date, which was later revised to September 6.
Under the bonus issue, eligible shareholders will receive ten additional equity shares of Rs 10 each for every existing equity share of Rs 10 held, in a 10:1 ratio.
Follow our market blog to catch all the live action
Meanwhile, SBI Mutual Fund also took the surge in the counter as an opportunity to take home some profits. The mutual fund sold 4.47 lakh shares or a 2.89 percent stake in VST Industries for an average price of Rs 485.35 on September 6, bulk deals data on the exchanges showed.
Another investor, Derive Trading & Resorts also offloaded 1.29 lakh shares or a 0.81 percent stake in the company for an average price of Rs 480.57 via a bulk deal on September 6.
The stock has also been buzzing in the past month, surging over 21 percent in the period. At 11.16 am, shares of VST Industries were trading at Rs 457.25 on the NSE, off its day's low.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
