The Orchid Chemicals stock tanked 38% in yesterday's trade. The Orchid management told CNBC-TV18 that they have sold 7% of their stake due to margin calls.
After Bear Stearns transferred over 10 lakh Orchid shares, the stock price was under considerable pressure. As the margin calls positions are being cleared, they have no further plans to sell more shares, the management said.
Indiabulls Finance and Religare had acted as the margin funders. They had hiked their stake from 17% to 24% in FY08, which is now back to 17%.
Source : MoneyControl
Margin calls make Orchid promoters sell 7% stake
3:18 AM | Indiabulls Finance, Margin calls, Orchid Chemicals, Religare with 0 comments »
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