Inox Wind shares tank 7%, clock highest volume on BSE; here’s why

Shares of Inox Wind Ltd fell 7% amid reports that around 3.2 crore equity shares changed hands in a block deal today. The shares represented around 10% equity stake in the company. The value of the block deal was Rs 672 crore. The deal price for the Inox Wind trade was Rs 210 per share, which amounted to a 6% discount against the previous close of Rs 223.60 on BSE. Buyers and sellers of the shares in the block deal were not immediately known.

Inox Wind stock tanked 7% to Rs 207.75 on BSE today. Market capitalisation of the firm fell to Rs 6965.52 crore. Total 338.70 lakh shares changed hands amounting to the highest turnover of Rs 710.96 crore on BSE.

The stock hit a 52-week low of Rs 89.60 on February 6, 2023 and a 52 week high of Rs 228 on August 8, 2023.

Inox Wind shares have a beta of 0.8, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 63, signaling it's trading neither in the overbought or oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.

The stock has rallied 95.23 percent in 2023 and gained 43% in a year.

On August 8 this year, Inox Wind promoters Inox Wind Energy Ltd and Devansh Trademart Llp offloaded a total of 2.39 crore shares or around 7% of the equity stake in large trade deals at a price of Rs 208 per share.

Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.

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