PTC India denies stake sale reports; losing run continues

Ptc India Financial Services

20/12/2022 06:14

** PTC India shares  PTCI.NS  fall over 4.5%, taking
declines in a five-session losing streak to over 13%
    ** Slide sparked by media reports that state-run Power Grid,
Power Finance Corp, NTPC and NHPC planned to sell their stake in
PTC India; each hold a 4.05% stake
    ** PTC India  PTCI.NS  issued a clarification to exchanges
that it is not aware of any developments of stake sale, as
reported in media
        ** It said all four promoter companies have nominated
senior officials on the company's board
  
    ** Power Grid  PGRD.NS , Power Finance Corporation
 PWFC.NS , NTPC  NTPC.NS , NHPC  NHPC.NS  are yet to respond to
Reuters' emailed queries on the stake sale    
    ** ICICI Securities, reportedly hired as investment banker
for the proposed transaction, declined to offer any comments to
Thomson Reuters' queries  urn:newsml:reuters.com:*:nL4N3320K0
    ** Three independent PTC directors resigned in Jan, citing
lapses in corporate governance; an external audit cleared PTC of
fraud allegations in November  urn:newsml:reuters.com:*:nL4N32E0ZQ
        ** The moving average convergence divergence (MACD) line
of the stock is below the signal line since Dec. 9, suggesting
bearish bias
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))