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Shares of Amber Enterprises fell by 12% in three days as profit-booking dominated

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new Delhi. Shares of Amber Enterprises fell by 7.6 per cent on the BSE on Friday to 9.4 per cent in the last two trading days, while the company has completed its Qualified Institutional Placement ie QIP issue. The company’s stock touched a high of Rs 1,997 in Tuesday’s intra-day trade. Since then, the company’s shares have fallen by 12 per cent.

The company has raised Rs 400 crore through QIP. It issued shares to qualified institutional buyers at an issue price of Rs 1,780 per share. QIP opened on Monday, September 7, 2020 and closed on Thursday, September 10, 2020.

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30 percent rise in three months
Despite a decline of the past two days, with the S&P BSE Sensex gaining 16 per cent, the stock has done well in the market by gaining 30 per cent in the last three months. Amber Amber Enterprises had said that it was attempting to raise funds for the capital expenditure required for the long-term development of its businesses. The goal also includes expanding debt, repaying debt, and making strategic acquisitions or joint ventures at its subsidiaries for its long-term and short-term business purposes.

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7 percent drop
Currently, at 3.22 pm, the company’s share price is trading at Rs 1776, down 6.85 per cent, ie Rs 124.25. While today the stock opened at Rs 1890 and went down to Rs 1725.25. Whereas on Thursday, the company’s stock closed at Rs 1900.25.

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