After spending many years in the market, I continue to get amazed by this realization that how narratives get created to support price action. Investors, who were going GaGa when the stock price was hovering around 720, suddenly turn pessimistic/negative when stock price falls to 520. In this case, no negative news have come out except promoters selling 10% for the first time in last 10+ years. It seems as if they have done some fraud by selling the shares in they company have started and continue to own more than 50% post this share sale.
For long term investors having conviction, this is a golden opportunity to add to the current position (that’s what I am doing) and enjoy fruits of this counter intuitive exercise in the years to come.
Discl - invested for last 2 years and continue to add more
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