@manhar You may also want to visit this blog post on Indo Count Industries, particularly the section on conversion of warrants by promoters.
In essence, the promoters picked up shares of their company at 3.5 bucks in 2013, at the expense of diluting minority shareholders.
The stock then went to hit a high of ₹242 by 2016 before tanking to ₹32 by 2019
For minority shareholders who kept an eye on the business, ignoring promoter actions, still ended up making a 40+ bagger in between because the co kept delivering outstanding results YoY.
This example is hindsight biased and to be construed as an exception rather than a rule because there are far more examples out there wherein investors lost money by ignoring promoter issues. That being said, there were people out there who actually made good money from this stock. Here’s an example.
Perhaps when to focus more on the management and when to focus more on fundamentals is what makes this game interesting
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