Subex Systems zigzags on block deals

DALAL STREET SPIKES

The Subex Systems counter witnessed volatile trading after the company promoters sold a 14 per cent stake in a couple of block deals on Wednesday.

The stock hit an intra-day low of Rs 360 (down 13.61 per cent) and a high of Rs 453.70 before closing at Rs 422.35, up 1.44 per cent from its previous close. Over 22 lakh shares changed hands on the BSE, which amounts to over 26 per cent of the company's equity.

According to information available, the shares were sold by Alex Puthenchira, the promoter, in a couple of block deals at Rs 400 per share. The name of the buyers were not known.

An institutional dealer said this is typically the phenomenon in any bull phase where the promoters try and exit at higher levels.