Edelweiss promoters hike stake to boost investor confidence

Acquire shares worth Rs 1.54 cr in a move aimed at boost investor confidence in the firm, whose shares have shed 54% so far in 2020

Edelweiss Financial Services promoters Rashesh Shah and Venkatchalam Ramaswamy have increased their stake in the company by acquiring shares worth Rs 1.54 crore through the open market.

The move is to boost investor confidence in Edelweiss, shares of which have come off 54 per cent in 2020, so far. On Wednesday, the stock rose 5 per cent to end at Rs 40.

In the latest market out, financial services firm are one of the worst-hit. Edelweiss promoters join a host of other insiders who have bought shares from the open market to stem the share price rout. Some companies have announced buybacks to provide a floor to the stock price.