Sintex shares: Zerodha’s Nithin Kamath laments investor shopping for Sintex shares. Here is why

NEW DELHI: Brokers lamented that some buyers are nonetheless shopping for shares of Sintex Industries at the same time as they face the prospect of shedding their complete capital as per the decision plan proposed by acquirers.

Nithin Kamath, the chief govt of Zerodha, in a tweet highlighted the pattern.

“It’s regarding that we have now just a few clients nonetheless shopping for Sintex shares even after this nudge that the inventory worth will go to Rs 0 and mandating a TOTP. There are such a lot of who resolve to purchase simply because a inventory is at 52 week or all-time lows with out caring concerning the purpose,” he mentioned.

On BSE, 8 lakh Sintex shares price Rs 63 lakh exchanged fingers on Monday, because the counter tanked 5 per cent to Rs 7.81. On NSE, 44 shares price Rs 3.39 crore have exchanged fingers to this point right this moment.

This isn’t the primary occasion it has occurred. Up to now, we have now noticed the identical recklessness in components of buyers, whether or not as a result of unawareness or following ‘ideas’ from social media teams.

As per the decision plan proposed by Reliance Industries Restricted collectively with Belongings Care & Reconstruction Enterprise Restricted, who will probably be shopping for the property of the corporate, mentioned that current share capital of the corporate shall be decreased to zero and the corporate will probably be delisted from the inventory exchanges i.e. BSE and NSE.

The committee of collectors permitted the plan in a gathering on Saturday.