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PTC Tumbles to Two-Year Low as ‘Freak Deal’ Sparks Sell-off

About 194,000 shares changed hands at 68.05 rupees on the National Stock Exchange at 9:48 a.m. in Mumbai, 20 percent less than its previous close, data compiled by Bloomberg show. Photographer: Prashanth Vishwanathan/Bloomberg
About 194,000 shares changed hands at 68.05 rupees on the National Stock Exchange at 9:48 a.m. in Mumbai, 20 percent less than its previous close, data compiled by Bloomberg show. Photographer: Prashanth Vishwanathan/Bloomberg

May 23 (Bloomberg) -- PTC India Ltd., the nation’s biggest power trader, declined to the lowest level in two years after a “freak deal” sparked a sell-off in the stock.

About 194,000 shares changed hands at 68.05 rupees on the National Stock Exchange of India Ltd. at 9:48 a.m. in Mumbai, 20 percent below its previous close, data compiled by Bloomberg show. The volume is 11 percent of the 1.8 million shares traded at the 3:30 p.m. close. Indian exchanges are required by the regulator to reveal names of the buyers and sellers when the number of shares in a single trade exceeds 0.5 percent of the company’s equity capital.

“There’s panic among investors due to the apparent freak deal,” Sachin Mehta, an analyst with IFCI Financial Services Ltd., said by phone from Mumbai. The decline “has worsened the sentiment as the stock is underperforming the Sensex.”

The stock tumbled 6.9 percent to 79.2 rupees, the lowest price since May 21, 2009, data compiled by Bloomberg show. The shares have declined 31 percent in the 12 months through May 20, compared with a 9.4 percent advance in the 30-stock Bombay Stock Exchange Sensitive Index.

“It makes no sense to me,” Deepak Amitabh, chief financial officer of PTC, said by phone. “Why would anyone sell at that price when the stock has been trading in the 75 rupees to 100 rupees range in the past three months.”

The National Stock Exchange doesn’t “look at data intraday,” spokeswoman Divya Malik Lahiri said in an e-mail.

To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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