Morgan Stanley sells stake in Happiest Minds, stock hits new 52-week low

Global brokerage firm Morgan Stanley today sold over 13 lakh shares of midcap IT firm . The stock, already in a bear grip, touched a record low of Rs 785.55 during the day before ending 0.62 per cent down at Rs 821.65.

BSE data shows that Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares of

at Rs 800 per share. On the other hand, Plutus Wealth Management bought 19,39,325 shares at Rs 800.02 apiece.

The stock had hit a 52-week high of Rs 1,580 on NSE on July 16 last year. Amid a market-wide selloff, the midcap IT stock is down over 36 per cent year-to-date.

Even largecap IT stocks like , , , and have been under tremendous selling pressure and have hit 52-week lows in the last few days.

In the March 2022 quarter, Happiest Minds had reported a sequential increase of 6.52 per cent in its net profit to Rs 52.11 crore. The net sales had gone up by 5.86 per cent to Rs 300.57 crore.

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