BHEL stock falls over 3% after shares worth ₹402 crore change hands at ₹227 apiece

A large stock deal in the stock of the state-run Bharat Heavy Electricals Ltd. (BHEL) led to a fall in the company’s share prices, which were trading 3.14% lower at ₹225.50 on the NSE on Wednesday, October 23.

A report by CNBC-TV18 noted that as many as 1.8 crore shares of BHEL, worth 0.5% of its outstanding equity, changed hands in a transaction at ₹227 a piece for a total of ₹402 crore. The buyers and sellers of the transaction are not publicly known.

While the shares recovered from the session lows for a short period of time, the shares are now trading at 2.7% lower at ₹226.50 apiece as of 2:20 pm on Wednesday, October 23. This is a plunge of over 31% from the recent high of ₹335.

India’s mutual funds slightly increased their stake in BHEL to 5.82% at the end of September from 5.36% at the end of June. Foreign Portfolio Investors have also increased their stake from 9.1% at the end of June to 9.49%.

However, Life Insurance Corporation of India (LIC) reduced its stake in the company, from 7.33% at the end of June to 6.72% during the quarter.

BHEL now has nearly 19.6 lakh small retail shareholders, those with an authorised share capital of up to ₹2 lakh, the report said. This is higher than the June figure of 18.5 lakh, increasing marginally from 10.72% in the last quarter to 10.87%.