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The company is losing market share due to its insignificant presence in high priced cigarettes segment.

The stock quoted a 52-week high of Rs 308.65 and a 52-week low of Rs 200.5.

The 30-share index was trading 535 points or 0.89% lower at 59,669 at around 9.20 AM. Similarly, Nifty50 was trading at 17,769, down 122 points or 0.68%.

This is not the first time that markets regulator Sebi has chosen to shorten the settlement cycle. Earlier in 2002, the capital markets regulator had cut the number of days in the settlement cycle from T+5 days to T+3 days, and then in 2003, it was reduced to T+2 days.

Higher contribution from specialty and strong domestic franchise is likely to change the product mix towards more remunerative businesses by FY23.

Ahead of the FPO launch, billionaire Gautam Adani has already raised around Rs 6,000 crore from over 30 institutional investors, including global investment funds such as Abu Dhabi Investment Authority (ADIA), Al Mehwar Investments, Citigroup Global, Morgan Stanley, Goldman Sachs, and domestic insurance majors such as LIC and HDFC Life Insurance.

Mahindra & Mahindra, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 163044.70 Crore) operating in Auto sector.

EBITDA margin improved by 176 bps YoY to 24.2% despite soft Revlimid sales, mainly driven by an improvement in the mix. The net profit grew by 9.9% YoY to Rs8bn mainly on the back of a strong operational performance, which was partially offset by a higher tax rate on account of DTA reversal.

The stock quoted a 52-week high price of Rs 298.0 and low of Rs 190.0.

In India, trade settlement used to take place on a ‘T+2’ basis, but in September 2021, capital market regulator SEBI provided flexibility to exchanges to offer ‘T+1’ following requests from various stakeholders to shorten the settlement cycle.