PTC India losing run continues on reports of investors' stake sale

Ptc India Financial Services

19/12/2022 10:45

(Adds response from ICICI Securities, updates share move)
    ** PTC India' shares  PTCI.NS  fall 4.83%, taking declines
in a four-session losing streak to over 10%
    ** 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
    ** 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
    ** Power Grid  PGRD.NS , Power Finance Corporation
 PWFC.NS , NTPC  NTPC.NS , NHPC  NHPC.NS , PTC India  PTCI.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
        ** 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))