Concord Enviro Systems shares drop nearly 6% following major stake sales by Morgan Stanley and SBI

Concord Enviro Systems Ltd saw its shares decline by 5.15% to Rs 784.50 on December 30, 2024. The drop comes after significant stake sales by key investors:

• Morgan Stanley Asia Singapore Pte: Offloaded a 0.53% stake at an average price of Rs 827.51 per share.
• State Bank of India: Sold a 1.33% stake at an average price of Rs 820.59 per share.

Earlier Involvement in IPO
Morgan Stanley Asia (Singapore) PTE-ODI was a notable foreign institutional investor in the anchor bidding round of Concord Enviro Systems’ IPO, which raised Rs 150.09 crore from anchor investors prior to its public offering. During the anchor round, Morgan Stanley acquired a 3.33% stake of the total anchor allocation, purchasing 71,400 shares at Rs 701 per share for a total investment of Rs 5 crore (Rs 5,00,51,400).

This divestment by Morgan Stanley, alongside SBI, has contributed to the negative sentiment surrounding the stock in today’s trade.

CONCORD ENVIRO SYSTEMS L Share Price history