Heard on the Street: Small & midcap sell-off may have been triggered by a Delhi finance company
The market is agog with speculation that a New Delhi-based financial services firm has been instrumental in the fall of several mid- and small-cap stocks the whole of last week.
By Shailesh Menon, ET Bureau | Updated:
The market is agog with speculation that a New Delhi-based financial services firm has been instrumental in the fall of several mid- and small-cap stocks the whole of last week.
The firm is said to have sold shares of Parsvanath Developers, Mandhana Industries, Amtek Auto, ARSS Infra, ABG Shipyard, Gitanjali Gems, Tata Coffee, HDIL and Karnataka Bank, among several others, which was being held as collateral against loan disbursed to investors and high net worth clients, broking industry sources said.
The financier sold shares worth 350 crore as investors, who had borrowed by pledging their shares, failed to replenish falling margins.
An Ahmedabad-based operator, being probed by market regulator Sebi and is named in an IB report, has been the worst-hit in the sell-off.
The firm is said to have sold shares of Parsvanath Developers, Mandhana Industries, Amtek Auto, ARSS Infra, ABG Shipyard, Gitanjali Gems, Tata Coffee, HDIL and Karnataka Bank, among several others, which was being held as collateral against loan disbursed to investors and high net worth clients, broking industry sources said.
The financier sold shares worth 350 crore as investors, who had borrowed by pledging their shares, failed to replenish falling margins.
An Ahmedabad-based operator, being probed by market regulator Sebi and is named in an IB report, has been the worst-hit in the sell-off.
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