Tata, Bajaj among 277 promoters that hiked stake in group firms in March

Among the lot, the highest quantum of promoter buying was seen in Tata Group companies that includes Tata Chemicals, Tata Steel, Indian Hotels, Tata Motors, Tata Power and Tata Consumer

The 40 per cent correction in benchmark indices from their January 2020 peak has prompted promoters of companies to buy/raise their stake in group companies. According disclosures made by the companies to stock exchange, promoters of 277 firms large as well as mid-and small-sized companies bought 267 million equity shares worth of Rs 3,745 crore in the month March alone via open market purchase.

Indian markets have seen an unprecedented correction over the last two months with the Nifty50 and S&P BSE Sensex corrected 40 per cent and 39 per cent from their respective all-time highs touched on January 20,