Fidelity Funds sell stake in Arvind Mills Ltd

The Funds Under the management of FMR Corp and its direct and indirect subsidiaries and Fidelity International Ltd and its direct and indirect subsidiaries have sold 2,466,215 or 1.18% of the stake held by them in Arvind Mills Ltd on April 27, 2007.

The company was holding 6,725,367 or 3.21% stake in the company prior to the sale. After the sale, the company's holding dropped to 4,259,152 equity shares or 2.03%. The company's stock price has been under pressure for the past few months and hitting new lows. The stock was trading at Rs.101.85 on 10 May 2006 and is currently trading at Rs.44.70. The stock hit an yearly low of Rs.42.05 on April 2, 2007.

The stock closed the day at Rs.44.70, down by Rs.0.40 or 0.89%. The stock hit an intraday high of Rs.46.20 and low of Rs.44.25. The total traded quantity was 418936 compared to 2 week average of 1453641.

Source : Equity Bulls

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