Heard on the Street

Polaris down 8% as institutions sell shares

Shares of Polaris Software fell close to 8% on Friday to close at Rs 171.40, with volumes on par with its two-week average as institutional investors offloaded the stock in large quantities.

According to dealers tracking the stock, institutional investor “Kala Patthar” was among frontline sellers in the stock, accompanied by a few other domestic mutual funds.

There has been increased participation in IT stocks as quarterly results are expected to beat analyst estimates. However, demand visibility has narrowed down to 3-6 months, owing to the uncertain economic scenario which can be a cause for concern.

(Contributed by Harish Rao)