Home brokerage Motilal Oswal Monetary Providers Ltd. on Thursday clarified that its sell-side and buy-side entities function independently, after a current commerce involving Kaynes Expertise India Ltd. drew consideration on social media.
The agency bought Kaynes Tech shares price Rs 490 crore by way of giant trades on the NSE and BSE on Nov. 18, after the tip of a lock-in interval. The inventory fell over 6% intraday.
Incidently, the brokerage issued a word on Nov. 5 with a ‘Purchase’ ranking on the inventory and a goal of Rs 8,200 on the Kaynes share worth, which implied a 23% upside to the closing worth of the day past. The corporate introduced its September quarter outcomes on Nov. 4.
Ashish Garg, an X consumer, shared these two occasions, calling out the supposed “irony” within the commerce and brokerage commentary.
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