Ion Exchange declines after Plutus Wealth reduces stake

Ion Exchange (India) fell 1.73% to Rs 2,181 after Plutus Wealth Management sold 0.51% stake in the company via bulk deal on Monday, 22 November 2021.

As per the bulk deal data on the BSE, Plutus Wealth Management LLP sold 75,000 shares (0.51% equity) at an average price of Rs 2,220 per share on Monday, 22 November 2021.

As on 30 September 2021, Plutus Wealth Management held 3.41% stake in the company.

Shares of ION Exchange extended their losing run to third consecutive trading session. The stock declined 4.73% in three days from its previous closing high of Rs 2,289.30 posted on 17 November 2021.

Ion Exchange (India) is engaged in water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives. The firm's segments are engineering, chemicals and consumer products.

On a consolidated basis, the company reported a 2.2% rise in net profit to Rs 27.23 crore on a 3% decline in net sales to Rs 378.19 crore in Q2 FY22 over Q2 FY21.

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