Morgan Stanley bought shares of this stock that tanked on Thursday

Shares of Cigniti Technologies Ltd. ended with losses of over 9% on Thursday, in reaction to its June quarter results, and in-line with its promoter Coforge, who also declined nearly 9% after reporting its quarterly numbers.However, Cigniti Technologies’ shares had a buyer during Thursday’s fall, Morgan Stanley.
According to block deal data available on Thursday, Morgan Stanley Asia Singapore Pte. bought 1.65 lakh shares of Cigniti Technologies, at an average price of ₹1,591.46 per share. The stock closed below those levels.
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The number of shares purchased by Morgan Stanley amounts to 0.6% of the company’s total outstanding equity.Morgan Stanley Asia Singapore Pte. already owns stake in Cigniti Technologies. Based on the June quarter shareholding pattern, the fund held 1.69% stake or 4.62 lakh shares in the company.

Apart from Morgan Stanley, Whiteoak Capital Flexi Cap Fund holds a 4.11% stake in Cigniti Technologies, which is a majority of the 5.25% stake that India’s Mutual Funds hold in the company.

Nuvama Multi Asset Strategy Return Fund also owns a 1.07% stake in Cigniti, along with Ashoka India Equity Investment Trust Plc, who owns a 1.83% stake.

Cigniti Technologies is majorly owned by Coforge, who acquired the company last year.

Shares of Cigniti Technologies ended 9.7% lower on Thursday at ₹1,573.8. The stock is down 20% from its 52-week high level of ₹1,970.