Madhuri Madhusudan Kela raised her stake in Sangam India to 5.85%. The news propelled the stock over 8% on Wednesday to hit a new 52-week high of ₹332.
As per exchange filings, Kela held a 4.18% stake on June 2, a slight drop from the 4.31% stake she held on April 28. However, the latest shareholding data released on Wednesday, shows that she owns 29.40 lakh or 5.85% shares of the company.
Recently the stock has seen a tremendous rally. In the past month and a half, the stock has gone up close to 40%. The NSE had also sought clarification from the company last week taking note of the significant increase in trading volumes.
The company replied stating that it has not withheld any information that could have impacted the stock, and the rise in volumes is purely market-driven owing to the market conditions.
Price Action: Sangam India’s share price was up 7.14% to close at ₹320.95 on Wednesday.
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