ARSS Infra hits new low, down 35% in two-weeks

IFCI has offloaded 2.34 million shares representing 15.8% stake between June 5 and June 21.

ARSS Infrastructure is trading lower by 2% at Rs 38.25, its historic low on the National Stock Exchange. Around 260,000 shares have changed hands on the counter so far on both the exchanges.

The stock has fallen 35% in past two-weeks, compared to 1.6% rise in the benchmark Nifty, after the IFCI have sold more than 15% of the company’s stake through multiple block deals since June 5.

IFCI has offloaded 2.34 million shares representing 15.8% stake amounting of RS 10 crore of the infrastructure company via various bulk deals on the BSE and NSE between June 5 and June 21.

According to market buzz, the IFCI with whom ARSS Infrastructure promoters pledged their shares has sold partial stake due to margin calls.

As of March 31, Anil Agarwal and his family, who own 54.37% stake in ARSS Infrastructure, has pledged 65.19% of their stake in the infrastructure company.