Analysts consider it a slip-over effect which has come on other holdings that Jalco controls. It is not only GHCL which is taking the brunt. As analysts expected, it opened with a 10% down circuit.
Certain other companies also opened with a down. There are other companies where Jalco Financials or the group holds nearly 1% or even more stake. These companies are namely. Rei Agro , GHCL,Genus Overseas, Bhartiya International , Nitco ,Stone India , Control Print , Fedder Lloyd and GTC industries
REI Agro opened with a 20% circuit down. Analysts comment that there are around 3 lakh sell orders which are pending with no buyers available. Jalco controls nearly 9.5 lakh shares in this company.
Another company affected is Genus Overseas, which is also at 10% down circuit. There are sell orders of nearly 1.5 lakh shares and no buyers are available. Jalco holds nearly 2.5 lakh shares in the company.
Bhartiya International, is in a 10% down circuit where there are no buyers available. There are pending sell orders of nearly 3,850 as also in Stone India where there are pending sell orders of around 6,000 shares on this counter.
Analysts opine that it will be interesting to see the intra day charts of all these four stocks (apart from GHCL). These stocks opened on a higher basis but when people realized that these are companies where Jalco controls stake they went on the lower circuit.
It is being speculated that the regulator could ask for Jalco and other group companies to sell shares in some of these companies.
Source : CNBC Video
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