Shares of JSW Energy tumbled on Thursday after its promoter group sold shares in the open market, much of which were picked up by Rajiv Jain’s GQG Partners.
What Happened: Promoter JSW Investments offloaded 2.10 crore shares, or a 1.27% stake in JSW Energy, according to data available with the BSE.
US-based asset management firm GQG Partners snapped up shares in JSW Energy, acquiring shares worth over ₹982 crore through open market transactions this week, according to data from stock exchanges.
GQG’s latest acquisition took place on Wednesday, when it purchased 1.6 crore shares, equivalent to a 1.01% stake in JSW Energy, at ₹341.7 per share on the BSE, amounting to around ₹571 crore. GQG executed these purchases through six different funds.
GQG previously acquired 1.1 crore shares of JSW Energy on Monday, representing a 0.7% stake, at ₹345 per share, totaling around ₹411 crore. On the same day, Authum Investment & Infrastructure sold 1.6 crore shares of the company at ₹345 per share.
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As of the end of June, JSW Energy’s promoter held a 20.2% stake in the company.
The investment firm has also been bullish on Adani Group stocks, adding to its stake in the group’s companies with successive investments this year.
Price Action: JSW Energy’s share price was down 2.72% at ₹358 at open on Thursday. Some of the easing in share price could be due to profit-taking after the firm’s shares shot up sharply in the previous session.
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