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The promoter family has made several unsuccessful attempts to delist the counter in the last few years. Elcid investment holds about 4.3 per cent stake in Asian Paints, which is worth about Rs 12,750 crore.

The strategists caution that the selloff that took the S&P 500 12% from its January record is not over and sharp rallies are typical of volatility in bear markets, with some of the biggest on record occurring in the throes of the dot-com meltdown and the global financial crisis. A closely watched Treasury market metric flashed a recession warning Tuesday.

“In the last 15-18 years I have seen that our market never needed a reason to go down 5%. But now we have five reasons and the market is rising, I really believe that we have suddenly started discounting ‘23 and ‘24 straight away which normally I do not believe we do. So, I feel a bit uncomfortable with the current level of the market.”

On the technical charts, the RSI of the stock stood at 57.47.

A total of 524,497 shares changed hands on the counter till 02:09PM (IST)

In this environment, the first instinct of investors is to take money out of the markets.

According to the data from BSE, the company fetched bids for 1,36,10,900 shares as against 1,17,88,365 equity shares on offer, resulting in an oversubscription of 1.15 times as of 2.10 pm.

Retail investors perhaps expect high returns from the market and are acting on their ‘positive’ expectations by investing aggressively directly and through mutual funds, said Kotak Institutional Equities.

“IFB Agro is a debt-free company and valuation is at less than seven times FY23. They would do close to Rs 2,900 crore of revenue and about Rs 75 crore of profit and the market cap is only Rs 511-520 crore. It is pretty reasonably priced with the expected ROC of more than 20-22% in FY23. I would say that one can get a good 30-40% return in the stock if invested for one, one and a half years.”

As of 31-Dec-2021, promoters held 50.73 per cent stake in the company, while FIIs held 19.09 per cent and domestic institutional investors had 8.97 per cent.