Astral Poly Technik tanks 17% after 2.6% equity changes hands in block deal

Shares of Astral Poly Technik tanked around 17 per cent to Rs 960 apiece on the BSE -- its biggest fall in the past four years -- in the early morning deals on Friday after nearly 3 per cent equity of the company changed hands via block deals.

At 09:15 am, around 3.86 million equity shares, representing 2.6 per cent of total equity of Astral Poly Technik, changed hands on the BSE, the exchange data shows.

The names of the buyers and sellers were not ascertained immediately. Earlier on July 3, 2015, the stock plunged 20 per cent on the BSE in the intra-day trade.

As per latest shareholding pattern, among the public shareholders, Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Long Term Equity Fund and Steadview Capital Mauritius Limited hold 3.18 per cent and 9.10 per cent stake, respectively, in the company.

Thus far in the calendar year 2019, Astral Poly Technik has outperformed the market by surging 27 per cent, as compared to a marginal 0.07 per cent rise in the S&P BSE Sensex till Thursday. The stock hit an all-time high of Rs 1,255 on September 16, 2019 in intra-day trade.

The bonus share allotment committee of board of directors of the company on Thursday, September 19, had approved the allotment of 30 million bonus equity shares in the ratio of 1:4 that is 1 bonus share for every 4 shares to the members whose name appeared in the register of members / list of beneficial owners as on September 17, 2019, the record date fixed for the purpose.

At 10:00 am, Astral Poly Technik was trading 11 per cent lower at Rs 1,026 on the BSE, as compared to 0.12 per cent decline in the benchmark index. A combined 8.5 million shares, representing 5.6 per cent of total equity of the company, changed hands on the BSE and NSE so far.