Profit selling hits Hindalco

DALAL STREET SPIKES

Hindalco bucked the trend and ended negative on selling pressure from institutional players. The stock was extremely volatile touching the day's high of Rs 1,285 before ending 1.14 per cent lower at Rs 1,249.

The stock touched a low of Rs 1,201 with volumes of more than 83 thousand shares at the BSE. Market analysts said, institutional investors and mutual funds are booking profits resulting in a sharp dip in the stock prices in the last few days.

In 10 trading sessions between February 12 to February 26, the stock has lost 10 per cent from Rs 1,397 to today's close of Rs 1,249.

As per market talks, a leading foreign mutual fund is believed to be offloading in the market. As on December 31, 2003, the promoters held a 24.37 per cent stake in Hindalco.