HDFC Bank Sells GGPL Shares in Bulk Deal: Impact on Penny Stock

HDFC Bank Sells GGPL Shares in Bulk Deal: Impact on Penny Stock/Reuters

VoM News Desk | April 2, 2024 | 04:27 PM IST | Breaking News | Follow on Google News

HDFC Bank Sells GGPL Shares in Bulk Deal: Impact on Penny Stock

HDFC Bank Sells GGPL Shares in Bulk Deal: Impact on Penny Stock

Shares of Gala Global Products Ltd (GGPL), a penny stock below ₹5, witnessed a bulk deal executed by HDFC Bank Limited, selling around 2.90 lakh company shares at ₹2.84 apiece. This transaction amounted to ₹8.23 lakh. Although it remains unclear if HDFC Bank divested its entire stake, its name was absent from GGPL’s recent shareholding pattern, indicating a stake of less than 1%.

Circuit-to-Circuit Stock Movement:

• GGPL has been circuit-to-circuit, hitting new 52-week lows, but saw a surge in volume on March 26, followed by lower circuits on subsequent sessions.
• Despite recent lows, the stock rebounded strongly, touching a 5% upper circuit on Tuesday after bottom fishing.

Corporate History and Stock Actions:

• In 2018, GGPL rewarded its shareholders with a 1:20 bonus share issuance and a 1:2 stock split. This followed a similar ex-bonus trading scenario in November 2017.

The bulk deal by HDFC Bank, the stock’s circuit-to-circuit movements, and its history of rewarding shareholders highlight the dynamic nature of GGPL’s stock in the market.

VoM News Desk

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