Petronet LNG clocks eye-popping volumes!

When you look at the volumes clocked on the counter of Petronet LNG, your eyes literally pop out! From a two-week average of 93,000 shares, today in the morning trades alone, a mind boggling 9 crore shares have changed hands – a 978 times jump in volumes! The stock price slipped almost 4.5% to Rs.421 and continues to remain in the red.

The stock price is down and the volumes so high because its France based investor – GDF Internaional has offloaded its entire stake in the company.

The company sold off 7.6 crore shares or 10% of equity capital on the exchanges in the price range of Rs.424.90-430 during toda’s opening sessions.

This should not come as a surprise as the French company has informed the exchanges in March’17 itself that it plans to sell of its entire stake. It had proposed to offer each of the promoter a first right of purchase/refusal in relation to the proposed stake sale in the same proportion in which the promoter are holding equity shares in the company.