The stock price of battery manufacturer Exide Industries was holding up well on November 18, pretty close to its 52-week high of Rs 124.
But in the afternoon at around 1:30pm IST the Exide stock started sliding and closed the day 5% lower than its Tuesday’s close.
The reason? The market didn’t seem pleased with the news that the company would raise Rs 500-600 crore, by way of equity or convertibles, through a qualified institutional placement (QIP) to qualified institutional buyers.
Exide makes batteries for automotive and industrial usage, and both segments are doing well at present.