Power Grid Corporation of India lost 2.6% to Rs 142.60 at 09:50 IST on BSE after the Reserve Bank of India placed restrictions on further purchases of shares of the company by foreign portfolio investors.
Meanwhile, the S&P BSE Sensex was up 127.51 points or 0.45% at 28,462.14
On BSE, so far 33,583 shares were traded in the counter as against average daily volume of 3.63 lakh shares in the past one quarter.
The stock hit a high of Rs 145.55 and a low of Rs 142.20 so far during the day. The stock had hit a 52-week high of Rs 150.85 on 11 November 2014. The stock had hit a 52-week low of Rs 91.70 on 28 November 2013.
The large-cap power utility firm has an equity capital of Rs 5231.59 crore. Face value per share is Rs 10.
The Reserve Bank of India (RBI) on Friday, 21 November 2014, placed restrictions on further purchases of shares of Power Grid Corporation of India (PGCIL) by registered foreign portfolio investors (RFPIs). The RBI said that investment by FIIs/RFPIs in PGCIL under the portfolio investment scheme has reached has reached the trigger limit of 28%. Therefore, further purchases of equity shares of PGCIL by FIIs/RFPIs will be allowed only after obtaining prior approval of the RBI, it said. There is a cap of 30% holding by FIIs/RFPIs in PGCIL.
Power Grid Corporation of India reported 3.1% fall in net profit to Rs 1201.27 crore on 5% rise in total income to Rs 4309.26 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 57.9% stake in the firm as at 30 September 2014.
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