Many retail investors are stuck in SEL Manufacturing( SELMCL ) stock at higher levels. What went wrong with that stock? The Russia-Georgia war that started earlier this month has dragged down the share price of SEL Manufacturing along with it. The company’s 80% of the revenue comes from Russia and top 5 clients are from that country.The company’s share price which had witnessed a high of Rs 757 on August 5, has fallen about 60% to Rs 287 this Monday.
According to the buzz, it went down after a big HNI who holds an over 5% stake in the company started selling his holdings on concerns of fears of escalation in war. Company official said the company is not affected by the ongoing developments in any way. So far thousands of people have lost their lives in the war and thousands of investors have lost their money in this stock.Fearing that the war may go out of control and the company may lose its major business,informed investors have trimmed their exposure to this stock. The stock closed at Rs 287, almost flat from the previous close.
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