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As of 31-Dec-2021, promoters held 46.74 per cent stake in the company, while FIIs held 18.88 per cent and domestic institutional investors had 13.61 per cent.

Shriram Transport Finance reported a 6.47 per cent decline in standalone profit after tax at Rs 680.62 crore in the quarter ended December 2021, while net interest income increased by 11.16 per cent. The company had reported a profit after tax of Rs 727.72 crore in the same period of the previous year.

The second largest telco’s decision has flummoxed the market watchers. According to brokerage firm Jefferies, it has “come as a surprise as there is no immediate need for capital”.

The wish list so far includes the government bringing down licence fees from 3 per cent to 1 per cent and reducing spectrum usage charge (SUC) rate by 3 per cent on spectrum acquired in past auctions

The revenue from operations came in at Rs 887.75 crore, up 14.73 per cent from Rs 773.73 crore in the corresponding quarter last year.

As of 31-Dec-2021, promoters held 74.36 per cent stake in the company, while FIIs held 16.46 per cent and domestic institutional investors had 2.63 per cent.

The S&P/ASX 200 ended down 2.5% at 6,961.6, hitting its lowest close since last May.

Technology stocks dragged the Nikkei lower, with start-up investor SoftBank Group losing 5.34%, chip-making equipment maker Tokyo Electron falling 2.69%. Motor maker NIDEC slipped 4.44%.

“It is difficult to predict how long this short term correction would last but for longer term investors, sectors and stocks within the market are beginning to look attractive.”

On the technical charts, the RSI of the stock stood at 38.28.