MTNL extends fall; Macquarie sell 20.21 lakh shares
The stock surged to its 52-week high of Rs 45.40 in the previous trading session on Thursday and has now corrected nearly 20 per cent from its highs.
By ET Online |
NEW DELHI: Mahanagar Telephone Nigam Ltd (MTNL) slipped over 10 per cent in early trades on Friday on reports that Macquarie Bank sold 20.21 lakh shares of the company at Rs 38.10 on the NSE through block deals on Thursday.
At 10:30 a.m., MTNL was trading 8.4 per cent lower at Rs 36.90. It has hit a low of Rs 34.60 and a high of Rs 36.90 today.
The stock surged to its 52-week high of Rs 45.40 in the previous trading session on Thursday and has now corrected nearly 20 per cent from its highs.
The stock has surged over 50 per cent so far in 2012 and markets experts are of the view that the counter was already looking over bought and a correction was in offing.
“The recent buying interest in MTNL can be mainly attributed to expected release of cash from surrendering broadband spectrum in Mumbai and Delhi circles, and the government’s intention to monetize its land and infrastructure,” Nitin Prakash Daga, AVP - Research at Microsec Capital Ltd, said.
“The stock has run up too quickly in the past couple of months and yesterday’s correction suggested a good opportunity for someone who was holding a block to exit,” Ambareesh Baliga, market expert, said.
At 10:30 a.m., MTNL was trading 8.4 per cent lower at Rs 36.90. It has hit a low of Rs 34.60 and a high of Rs 36.90 today.
The stock surged to its 52-week high of Rs 45.40 in the previous trading session on Thursday and has now corrected nearly 20 per cent from its highs.
The stock has surged over 50 per cent so far in 2012 and markets experts are of the view that the counter was already looking over bought and a correction was in offing.
“The recent buying interest in MTNL can be mainly attributed to expected release of cash from surrendering broadband spectrum in Mumbai and Delhi circles, and the government’s intention to monetize its land and infrastructure,” Nitin Prakash Daga, AVP - Research at Microsec Capital Ltd, said.
“The stock has run up too quickly in the past couple of months and yesterday’s correction suggested a good opportunity for someone who was holding a block to exit,” Ambareesh Baliga, market expert, said.
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