Inox Wind shares tumble 9% in early deals, here’s why

Shares of Inox Wind were the top losers on BSE in early deals as reports said the company’s promoter entity Inox Wind Energy Ltd sold up to 5% stake in the company via a block deal. The transaction was executed at a floor price of Rs 151 apiece, a discount of 8 percent from the previous close.

 In the March 2024 quarter, Inox Wind Energy owned 38.43 percent stake, which would be trimmed to 33.43 percent after the stake sale.

Reacting to the block deal, Inox Wind stock crashed 9.57% to Rs 148.35 in early deals today against the previous close of Rs 164.05 on BSE. Market cap of Inox Wind slipped to Rs 19,459 crore on BSE. The stock has gained 405% in one year and risen 584% in two years.

 Total 169.80 lakh shares of the firm changed hands amounting to a turnover of Rs 257.61 crore on BSE.

Inox Wind shares have a beta of 1, indicating average volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 65, signaling it's trading neither in the overbought or oversold zone. The stock is trading lower than the 5 day, 10 day but higher than the 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors.