Why This Rekha Jhunjhunwala-Backed Small Cap Stock Is Tanking 9% Today

Shares of DB Realty slumped over 9% on Tuesday to hit an intraday low of ₹145.10.

What Happened: The slump today comes as one of the company’s promoters Shravan Kumar Bali offloaded 39,237 shares. Bali sold the shares on Sept.7 through open market transactions. The average price for the transaction was ₹154.5.

The company’s disclosures reveal that Bali has been cutting his stake in the company. Prior to this sale reported on Monday, he had sold the company’s shares twice in the past two weeks. On Sept. 6, he sold around 20,000 shares of the company at an average price of ₹152.5.

See Also: What’s Going On With Reliance Share Price Today?

On Aug. 31, he sold 70,000 shares of the company at an average price of ₹154.1. In total, he has sold around 1.29 lakh shares in the past two weeks. He currently holds a 0.36% stake in the company.

The Rekha Jhunjhunwala-backed stock has climbed up to new heights in just the past few months. The stock hit a new 52-week high of ₹166 on Monday. Jhunjhunwala owns a 1.21% stake in the real estate developer.

Price Action: DB Realty’s share price was down 6.13% to trade at ₹150.85 in early trade on Tuesday.

Read Next: Why This Nemish Shah-Backed Midcap Stock Is Surging 10% Today

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsInsider TradesMoversTrading IdeasDB RealtyShravan Kumar Bali