Shivalik Bimetal has two main promoter groups, Ghumman and Sandhu. I think one of the group promoters sold through open market and it was bought by the European FII you mentioned.
These kind of things can happen if one or more of promoter groups want to exit due to whatever reason. We have plenty of examples, e.g Usha Martin where Prashant Jhawar was the seller. Indigo where one of the group promoters is selling/wants to sell.
As investors our main focus has to be on the business of the company, and how it is performing and likely to perform going ahead. And when stock prices run way beyond what is warranted by fundamentals (frothy situations) one or the other reason will crop up to correct stock prices and bring sanity.
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