You are here: Home » Markets » News
Business Standard

Aptech shares rebound 17% from day's low on heavy volume

The trading volume on the counter jumped more than three-fold during the day.

SI Reporter  |  Mumbai 

Aptech rebounds 17% from day’s low on heavy volumes

Shares of moved higher by 4 per cent to Rs 169, bouncing back 17 per cent from its early morning low of Rs 145 on the BSE on Wednesday on the back of huge volume. On the National Stock Exchange (NSE), the stock recovered 14 per cent from its intra-day low of Rs 148.

The trading volume on the counter jumped more than three-fold during the day. A combined 1.72 million equity shares -representing 4 per cent of total equity of IT training services company changed hands on the NSE and BSE so far.

Rakesh Jhunjhunwala, the billionaire stock market investor, along with his wife Rekha, own 24.87 per cent stake in the IT training services company. is the only company in Jhunjhunwala’s portfolio in which he has management control.

On Tuesday, the stock of slipped 7 per cent to Rs 162 after reports suggested Rakesh Jhunjhunwala is being probed by the market regulator Securities and Exchange Board of India (Sebi) in case of alleged insider trading in shares of the education firm.

“The regulator is examining a time frame of February 2016 to September 2016 for irregular trades, which it suspects were done on the basis of insider information," business daily Mint reported quoting sources.

Besides, Jhunjhunwala, Sebi is also investigating the role of other family members who are shareholders, as well as some board members, including investor Ramesh S Damani and director Madhu Jayakumar, The Economic Times reported citing sources.

Meanwhile, according to December 2019 shareholding pattern filed by Aptech reveals that foreign portfolio investors (FPIs) hiked their stake in the company for the second straight quarter. FPIs' holding increased to 10.3 per cent at the end of December quarter, their highest level since March 2010 quarter. They held 9.92 per cent stake in September quarter and 8.82 per cent holding at the end of June 2019 quarter, data shows.

First Published: Wed, January 29 2020. 14:23 IST