Tech Mahindra share price dips despite LIC raising stake in this IT stock
1 min read 08 Jun 2023, 09:16 AM ISTStock in focus: LIC raised its stake in Tech Mahindra by near 2 per cent
PremiumStock in focus: Tech Mahindra shares have been under sell off heat since early morning deals. Tech Mahindra share price today opened downside and went on to hit intraday low of ₹1070 apiece on NSE, logging over 2 per cent dip on Thursday. TechM share price nosedived today despite state insurer LIC raised its stake in the IT company.
Tech Mahindra shares have been under the lens of intraday traders as Indian insurance behemoth Life Insurance Corporation (LIC) of India has raised stake in this IT company by over 2 per cent. As per the information shared by the LIC, the insurer has raised its stake in Tech Mahindra Ltd from 6.869 per cent to 8.884 per cent of total paid-up capital of the company. In its exchange communication, LIC informed BSE and NSE that it has bought additional 1,96,33,146 Tech Mahindra share, during 21st November 2022 to 6th June 2023.
LIC shareholding in Tech Mahindra
LIC informed Indian exchanges about the stake raise citing, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Corporation’s shareholding in “TECH MAHINDRA LIMITED." has increased from 6,69,25,392 to 8,65,58,538 Equity Shares increasing its shareholding from 6.869% to 8.884% of the paid-up capital of the said Company."
LIC informed Indian exchanges that it has accumulated these additional shares during the period from 21st November 2022 to 6th June 2023 at an average price of ₹1050.77 per share.
Tech Mahindra share price history
In last one month, Tech Mahindra share price has ascended to the tune of 5 per cent whereas in last six months, it has risen from around 1075 to ₹1095 apiece levels, logging around 2 per cent rise in this time. In YTD time, Tech Mahindra share price has appreciated from around ₹1010 to ₹1095 apiece levels, delivering around 8.50 per cent rise in 2023. In last one year, Tech Mahindra shares have made 52-week high of ₹1165 apiece whereas it has made 52-week low of ₹943.70 per share.
This IT stock has remained under the sell off heat after the outbreak of Russia-Ukraine war. In last one and half years, Tech Mahindra share prices have fallen from around ₹1790 to ₹1095, logging near 40 per cent dip from its pre-war levels.
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