Care Ratings slips 16% in two days as investors pocket profits

Shares of Care Ratings were down 12 per cent to Rs 585 on the BSE on Monday, falling 16 per cent in past two trading days on profit-booking. The rating agency's stock was the top loser among the S&P BSE 500 index constituents.

In eight trading days -- between December 23, 2019 and January 2, 2020 -- the stock rallied 46 per cent on the back of fund buying. The benchmark S&P BSE Sensex was down 0.13 per cent during the same period till Thursday.

On December 31, L&T Mutual Fund bought an additional 109,608 equity shares, representing 0.38 per cent of Care Ratings, according to disclosure to the stock exchange. Post-acquisition, L&T Mutual Fund's holding increased to 5.18 per cent from the earlier 4.8 per cent.

In a separate regulatory filing, Care Ratings said that Stichting Depository APG Emerging Markets Equity Pool (APG) has disposed 118,376 equity shares, or 0.4 per cent stake of the company, on December 30, through open market.  After disposal, the shareholding of APG in the company has fallen below 5 per cent to 4.60 per cent.

At 01:44 pm, the stock was trading 10 per cent lower at Rs 601, against 1.7 per cent decline in the S&P BSE Sensex. A combined 986,970 equity shares have changed hands on the counter on the NSE and BSE so far.