Four people from the board of subsidiaries resigned (2 independent directors and 2 Directors), is it a cleanup or rats jumping off the sinking ship ?
@jhon_azhar your viewed on this will be appreciated, thanks in advance
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Yes it’s a very risky stock.
One can’t allocate much capital in it.
I have a position but that’s a small percentage to portfolio, it’s a risky bet.
I have seen these episodes in yes Bank just before it went down and retail start buying that like nuts.
Directors resigning and simultaneously promoters selling and retail absorbing the sell off.
These resignations don’t bother me as much as them clubbing with Malvika offloading in open market in month of Feb or March itself.
Reminds me of a pattern to yes Bank, just before it went down.
On the contrary , there is an argument , that numbers q0q are improving , they are showing signs or revival in BS by debt reduction and non core asset sale.
PNL is turning corner gradually.
It is a hard guess, which one to prioritise , the actions that are brewing within the company in terms of board resignations , promoter sale.
Or their PNL and BS.
It’s a wild guess at this point in time.
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Thanks for the response, I completely agree your comments. Need to watch if the numbers can be sustained and debt reduction continues.
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Company has failed to service debt again in March as disclosed in their filing today.
Market didn’t react negatively to the news infact stock closed strong.
But this red flag has totally changed my investment rationale.
I don’t see a point of being stuck in hope investment.
I’ll keep a watch on the stock, since I am extremely interested due to valuations of the company and it could be a potential take over candidate.
But for now marking an exit, till I develop conviction.
Ps: Not a suggestion.
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