10 Lakh Shares Set to Unlock in Sunil Singhania-Backed Stock
Mangal Electrical Industries’ shareholder lock-in expires on Monday, November 24, releasing nearly 10 lakh shares, or 4% of total shares. Following a disappointing IPO at Rs 561, the stock has declined 24%, now trading at Rs 427.05. Despite a 7% drop in quarterly profits to Rs 13 crore, revenue rose 17% to Rs 156 crore. Investors are cautious as they weigh the decision to sell these newly available shares. The company, backed by Sunil Singhania, manufactures vital transformer components, making it a key player in the industry.