Oracle Fin hits new low

Oracle Financial Services is not doing too well today morning. The stock is currently down 2393 and this is after it hit a new 52-week low today at Rs.2350, the low at which it opened for trading.

The stock has hit a low after the company disappointed the market by setting its Offer For Sale (OFS) price at a discount to the market price. It has set the floor price at Rs.2275/share and it proposes to sell 44.3 lakh shares. Thus OFS is to bring down the stake of the company from the present 80.27% to comply with SEBI’s minimum stake holding requirement.