Bharat Financial extends gains after Morgan Stanley raises stake
The stock rallied 6% to Rs 548 in intra-day trade, extending its Tuesday’s 8% surge
SI Reporter | Mumbai December 28, 2016 Last Updated at 10:01 IST
Morgan Stanley Asia (Singapore) & Morgan Stanley Mauritius have bought net of 1.52 million shares representing 1.10% of total equity of Bharat Financial Inclusion via open market on December 23, 2016, the company said in a regulatory filing.
Since November 8, post demonetization, the stock of micro-finance firm had underperformed the market by falling 42% as compared to 6.5% declined in the S&P BSE Sensex till Monday, December 26, 2016.
At 09:59 am; the stock was up 5% at Rs 546 on the BSE against 0.49% rise in the benchmark index. A combined 4.21 million shares changed hands on the counter on the BSE and NSE so far.