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Reliance Power tops list of shareholder exits

Reliance Power tops list of shareholder exits
PTI
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First Published: Sun, Oct 12 2008. 01 16 PM IST
Updated: Sun, Oct 12 2008. 01 16 PM IST
Mumbai: As bourses witness a stocks meltdown, Anil Ambani-led Reliance Power and PSU energy giant ONGC are among those seeing the maximum flight of investors from their books.
The stock market’s latest entrant from Anil Ambani group is accompanied by two other private sector firms, Orchid Chemicals and Tech Mahindra, among the top ten companies with maximum decline in the number of their shareholders during the latest quarter ended 30 September.
However, this league is heavily dominated by the public sector with as many as seven entries, led by the country’s most valued PSU firm ONGC and includes Bank of Baroda, NTPC, BPCL, Union Bank, Indian Oil and LIC Housing Finance.
In contrast, there is not a single PSU entity among the top ten firms in which has noted increase in the number of shareholders during the same period.
This league is led by Vedanta group’s Sesa Goa and comprises of IDFC, L&T, Mukesh Ambani-led Reliance Industries, Tata Motors, Mercator Lines, Axis Bank, Nagarjuna Fertilisers and Chemicals, Development Credit Bank and Indian Hotels.
However, the total number of companies where number of shareholders went down during the July-September quarter is still below the number of those having registered an increase in the number of their shareholders.
While 190 companies witnessed an increase in the number of their shareholders during the quarter, another 131 firms took a dip on this front among the entities whose latest quarter shareholding pattern is available with the bourses.
Reliance Power, which debuted on bourses earlier this year after India’s biggest ever IPO of about three billion dollars, saw the number of its shareholders plunging by 63,931, while ONGC was a distant second at 25,611.
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First Published: Sun, Oct 12 2008. 01 16 PM IST