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Micro Tech down on FII selling

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Share prices of IT firm Micro Technologies Ltd is on a free fall. On Tuesday, the shares went down 8.21 per cent to Rs 131.95 on good volumes.

During the last five trading sessions, the shares have wiped off 28.98 per cent of its value from Rs 185.

Dealers said the company's move to allott 4.28 lakh shares to promoters at Rs 56 per share recently had not gone down well with foreign investors.

According to them, this triggered a selling on the counter by some leading foreign funds.

There is also a buzz that the first quarter results, to be announced on July 26, may also fail the street expectations.

Against the two-week average of 1.95 lakh shares, the counter witnessed volumes of over 6.45 lakh shares.

Rajesh Abraham

(This article was published in the Business Line print edition dated July 19, 2006)
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