Nithin Kamath, the chief executive of Zerodha, in a tweet highlighted the trend.
“It is concerning that we have a few customers still buying Sintex shares even after this nudge that the stock price will go to Rs 0 and mandating a TOTP. There are so many who decide to buy just because a stock is at 52 week or all-time lows without caring about the reason,” he said.
It is concerning that we have a few customers still buying Sintex shares even after this nudge that the stock price… https://t.co/03EaN15ud0
— Nithin Kamath (@Nithin0dha) 1647838452000
On BSE, 8 lakh Sintex shares worth Rs 63 lakh exchanged hands on Monday, as the counter tanked 5 per cent to Rs 7.81. On NSE, 44 shares worth Rs 3.39 crore have exchanged hands so far today.
This is not the first instance it has happened. In the past, we have observed the same recklessness in parts of investors, whether due to unawareness or following ‘tips’ from social media groups.
As per the resolution plan proposed by Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited, who will be buying the assets of the company, said that existing share capital of the company shall be reduced to zero and the company will be delisted from the stock exchanges i.e. BSE and NSE.
The committee of creditors approved the plan in a meeting on Saturday.
