Strides Arcolab slips into red

Strides Arcolab is amongst the top losers on the BSE currently, down 6% at Rs.774.40, with an intra day low at Rs.765. Volumes remain muted.

The stock is down today after the company issued a statement yesterday late evening, stating that RBI along with Govt of India was reviewing the shareholder's nod to increase FII limit from the present 49% to 74%. RBI has directed custodian banks to not facilitate any Flls purchase till further notice. And this ‘ban’ has presently spooked the market as it means for now, till this gets cleared, there would be lesser volumes on the counter.