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

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

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2 min read | Updated on October 23, 2024, 14:43 IST

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SUMMARY

As many as 1.8 crore shares of the company changed hands at ₹227 a piece in a large stock deal whose buyers and sellers are not officially known.

Stock list

The current fall in the share prices is a plunge of over 31% from the recent high of ₹335

The current fall in the share prices is a plunge of over 31% from the recent high of ₹335

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.

Market movements

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%.

About The Author

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Vani Dua is a journalism graduate from LSR College, Delhi. She is passionate about news and presently covers markets, business, economy, and other related fields. She is an avid reader and loves to spend her time weaving stories in her head.

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