I am definitely not an expert but there can be several reasons for promoter/promoters for selling.
- They need money for personal use
- They think the company is overvalued
- Institutions wanted an entry and didn’t want to buy from open market as the prices would have gone higher
- Future fund raising, i.e. with institutions getting in , the company might find it easier to raise funds in the future
I don’t think the company will give any stupendous return from here on, but expectations of 20-22% growth still remain based on the business performance and projections given.
Promoter selling is a concern but can not be a deal breaker/maker imo or else I would have been loading up on Adani and Patanjali stocks instead.
News update : https://youtu.be/C7UD6xmJPh4
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