Nitin Kamat, founder and CEO of brokerage company Zerodha, tweeted, warning people buying Syntex shares.
If you are also interested or investing in the stock market, then this news can be of great use to you. Presently the debt-ridden Syntex Industries Limited is going through its insolvency resolution process. In this process, the Committee of Creditors of Syntex has approved the resolution plan submitted by RIL and ACRE. This means that in the coming days, Syntex Industries is going to belong to industrialist Mukesh Ambani’s company RIL.
As per the resolution plan of Reliance Industries Ltd. jointly with Asset Care and Reconstruction Enterprise Ltd., as informed by Syntex Industries to the exchange, it is proposed that the existing share capital of the company will be reduced to zero and the company will be delisted from BSE and NSE. Will be done i.e. will be removed from BSE and NSE. Meanwhile, Nitin Kamat, founder and CEO of brokerage company Zerodha, tweeted, warning people buying Syntex shares.
Nitin Kamat said that soon the value of this stock will be zero. The company’s shares closed at Rs 7.80, down up to 5% yesterday. Nitin Kamat wrote in one of his tweets, “Some investors are still buying Syntex shares even though its stock price is set to be 0. This is worrisome. There are many people who are buying the stock just because the stock is at its 52 week low and they don’t want to know the reason behind it.”
It is concerning that we have a few customers still buying Sintex shares even after this nudge that the stock price will go to 0 and mandate a TOTP.
There are so many who decide to buy just because a stock is at 52 weeks or all-time lows without caring about the reason. https://t.co/qDQ1kjBj2I— Nithin Kamath (@Nithin0dha) March 21, 2022