PNC Infra gains 11% in 2 days after funds buy 10% stake via open market

Many institutional investors bought nearly 10 per cent stake in the road & highways company

Shares of PNC Infratech were up 4 per cent at Rs 189 on the BSE on Friday, having surged 11 per cent from Wednesday's low of Rs 170.70, after institutional investors bought nearly 10 per cent stake in the road & highways company. The stock erased its entire 6 per cent loss recorded on Wednesday.

On January 6, 2021, CN Infrabuild had sold its entire 9.95 per cent stake, or 25.5 million equity shares, of PNC Infratech worth over Rs 447 crore through an open market transaction. CN Infrabuild sold shares at an average price of Rs 175.12 per share