also cited as a decisive factor for foreign investors’ liking of a company. Interestingly, during the December 2012 quarter, FIIs upped their holdings in HDIL and IVRCL, the companies that witnessed their stocks tumble in the third week of January 2012 amidst concerns related to such mid-cap companies' elevated debts and high promoter pledging. Investors turned cautious after HDIL, vice-chairman and MD Sarang Wadhawan sold 50 lakh shares even as 98% of the total promoters' stake remain pledged.
Since then, foreign institutions like Citigroup Global and Credit Suisse have sold about 1.48 crore HDIL shares shows exchange filings. Even IVRCL has witnessed liquidation of about 56 lakh shares by FIIs like BNP Paribas, Merrill Lynch and Barclays Capital Mauritius.