Can Fin Homes sees huge volumes amid MD resignation

Bears pounded the Can Fin Homes’ stock even as the company informed the stock exchanges of its MD & CEO Girish Kousgi’s resignation on “personal” grounds just after market closing. The stock futures contracts were the most actively traded on NSE’s derivatives segment as the share plummeted almost 8%, signalling creation of heavy bearish positions.  

“….we hereby inform you that, Shri Girish Kousgi, Managing Director & CEO (DIN: 08524205) of the Company, has conveyed to the Board today i.e. September 19, 2022 about his decision to resign from the post of Managing Director & CEO of the Company for personal reasons,” the company said in its announcement Monday.  

The stock of Can Fin Homes ended 7.56% lower at ₹587 on NSE. The futures contracts of Can Fin witnessed a 58% change in open interest (outstanding positions) as the share plunged.  A rise in open positions along with fall in price implies bearish sentiment.  

The fall in the share price happened with huge volumes in the cash segment on BSE, where 4.17 lakh shares were traded against the 2 week average of 25000 shares.  

On NSE, total traded quantity in the cash market was almost 31 lakh shares against the three month average traded quantity of 8.2 lakh shares  a day.