Interesting! It is likely that Cupid’s warrant allottees pressurized the management to withdraw from this. Aditya Halwasiya is only 29 and allowed to make mistakes! Better to admit them and make a course correction than to persist for the sake of ego. But note that Cupid’s press release quotes Kuldeep Halwasiya, which is odd. Until now, Aditya has been the public face of the company – talking to the media, answering concalls etc. Now Mr. Kuldeep has stepped in to reverse his decision. I wonder if we should read more into this.
TFCI EGM to pass the resolution for preferential allotment took place just on Friday. Not sure if this is a coincidence or if Cupid’s decision to withdraw was made earlier but kept under wraps till TFCI concluded its EGM. Cupid was hitting lower circuit almost continuously since 11th March but reversed course on 20th and closed at upper circuit on Thursday and Friday (21st & 22nd).
(Disc.: No positions)
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