Olectra Greentech shares tumble 3% on Friday

15 Mar 2024 , 02:05 PM

Olectra Greentech Ltd.’s shares have decreased in four of the last five trading sessions and are currently down more than 3% on Friday. On Thursday, the stock had gained 12%.

The stock has dropped more than 10.5% this week, and this is perhaps the worst weekly performance it has had since December 2022. In a month, the stock has lost 15%.

The stock is currently trading below its 50-day Moving Average in terms of levels. It currently has a 100-day moving average of ₹1,523.

Election commission data released on Thursday night shows that Megha Engineering and its affiliates paid ₹1,186 Crore for electoral bonds. Megha Engineering alone bought ₹966 Crore worth of notes, and Western UP Transmission Co. bought ₹220 Crore worth.

Megha Engineering has surpassed Future Gaming & Hospitality to become the second-largest purchaser of electoral bonds.

According to Olectra Greentech’s shareholding structure for the December quarter, Megha Engineering is the company’s promoter and holds a 50% ownership position.

Olectra’s stock had increased by 13% in February and another 30% in January prior to this decline. In 2023, the stock had increased by 172%.

In comparison to the five-year average price-to-earnings multiple of 102 times, the stock is currently selling at a current-year price-to-earnings multiple of 213 times.

At ₹1,731, Olectra Greentech’s shares are currently trading 3.24% lower.

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