Hariom Pipes And Industries Shares Hit Lower Circuit After Hitting Fresh 52-W High: Check Why

Shares of recently listed Hyderabad based company Hariom Pipes has hit lower circuit in trade on April 19 of Rs. 230.45. The stock's share price range in session today has been Rs. 230.45-Rs. 245 per share. The upper price is also the stock's 52 week high price.

The losses in trade today have come after big funds have sold stake in the company namely:

1. Elara India Opportunities fund that sold 1.79 lakh shares in the concerns

2. Societe Generale divested 2 lakh shares and

3. Nomura Singapore pared 3.45 lakh shares in the company

Pertinently, the company into manufacturing of iron and steel products has a product portfolio consisting of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, our top-quality products cater to a variety of industrial applications across multiple sectors.

The stock made its debut last week listing at Rs. 221 versus issue price of Rs. 153 per share.

Promoter holding post the IPO remains at 66%.

Shares of the company last ticked 5% lower circuit.