India's Orient Electric falls most in 3 months

Orient Electric

03/04/2023 08:07

** Shares of Orient Electric Ltd  ONTE.NS  fall as much as
6.3% to 253.2 rupees, lowest since Dec. 29, 2022
    ** If trends stand, co on track for second consecutive
session of loss
    ** Co is trading below its 50-day, 100-day and 200-day
simple moving average and below its moving average convergence
divergence line, indicating bearish sentiment
    ** ONTE on Friday said its  Managing Director and Chief
Executive Officer Rakesh Khanna resigned and will be replaced by
Rajan Gupta
    ** More than 265,000 shares change hands by 12:30 p.m. IST
vs 1.4x 30-day avg of 195,800 shares
    ** Ten of the 16 analysts covering the stock have a "buy" or
"strong buy" rating, 3 has "hold" while 3 rate it at "sell" or
"strong sell"; median PT is 312.5 rupees - Refinitiv data
    ** Stock up 2.5% YTD up to last close


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))