Inox Wind hits 10% lower circuit after 11 crore shares change hands in block deals

According to the stock exchange data, nearly 11 crore shares changed hands in multiple trades on both the National Stock Exchange of India (NSE) and BSE at an average price range of ₹150-151 apiece. The buyers and sellers were not immediately known.

The transaction price translated into a roughly 8.5% discount on the stock’s previous close of ₹164.15 on NSE on Monday.

Inox Wind shares sank 10% on Tuesday to hit a low of ₹147.75 on the NSE. The stock had hit its 52-week high of ₹177 in the previous session itself.

Media reports said that the company’s promoter Inox Wind Energy Ltd (IWEL) was looking to trim its stake in Inox Wind by 5%.

According to Inox Wind’s latest shareholding data, Inox Wind Energy held a 38.43% stake in the company as of March 2024. If IWEL sold its 5% share in Tuesday’s block deal, its stake in Inox Wind would be down to 33.43%.

Inox Wind Ltd recently recorded a consolidated net profit of ₹36.7 crore in the March 2024 quarter compared with a net loss of ₹119 crore during the year-ago quarter. Revenue more than doubled to ₹527.7 crore in Q4 FY24 compared with a year ago.

Shares of Inox Wind also started trading ex-bonus last week. The company had issued three free shares for every one share held.

Inox Wind is India’s leading wind energy solutions provider and a fully integrated player in the wind energy market with four manufacturing plants.

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