Ambuja Cements sees sharpest intraday fall since 2006 on margin funding pressure

In September, the group pledged entire stakes in Ambuja Cements (63.2%) and in ACC (56.7%), worth about Rs 96,800 crore, with Deutsche Bank’s Hong Kong branch

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The share price of Ambuja Cements fell over 25 percent intraday on January 27, recording its steepest fall since May 2006. After hitting the day’s low of Rs 345.15 on the National Stock Exchange (NSE), it recovered to close at the Rs 380 mark.

Trading volumes were also heavy at 91 million shares on NSE. This is over 18 times the 20-day average of 5 million shares.

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Dealers said that the stock has been in a free fall due to margin-funding pressures. The stock saw a rally following the announcement of the open offer at a price of Rs 385 per share soon after Adani Group’s stake acquisition from Holcim. The stock touched a high of Rs 574. It declined after the open offer only to climb again and stabilise at higher levels.