The shares of newly listed Elin Electronics Ltd tumbled 4.37% on Monday after three FIIs— Morgan Stanley Asia (Singapore) Pte, Société Générale and Copthall Mauritius Investment Fund sold some of their shares in bulk deals executed on December 30, 2022.
Elin Electronics is a leading electronics manufacturing services (“EMS”) provider. It manufactures end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India.
Its shares had a powerless debut on the bourses on December 30, 2022, tracking a downtrend in the markets. The stock opened at ₹ 244.00 apiece on the National Stock Exchange (NSE) and at ₹ 243.00 apiece on the Bombay Stock Exchange (BSE) and failed to touch its issue price of ₹ 247 throughout the session. On Monday at 02:53 PM, its shares were quoting at ₹ 223.25 apiece.
According to data available on the National Stock Exchange (NSE), Morgan Stanley Asia (Singapore) Pte sold 5,00,000 shares of the company, at an average price of ₹ 231.97, taking the transaction value to more than ₹ 11,59,85,000 (₹ 11.59 crores).
Société Générale sold 3,37,897 shares at an average price of ₹ 234.27, taking the transaction value to ₹ 7,91,59,130 (₹ 7.91 crores).
Copthall Mauritius Investment Fund sold 5,42,828 shares at an average price of ₹ 231.42, taking the transaction value to ₹ 12,56,21,255 (₹ 12.56 crores).
Written by Simran Bafna
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