The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Mahendrakumar Shah

Promoter sold over 1%Promoter holding below 50%Ownership Changes View source PDF Explain this filing

ARFIN · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+0.8%Reaction day

₹60.00

prior close

₹60.00

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.5%+1.3% vs market

Aluminium peers, median of 10sector-1.9%+2.7% vs sector

On the reaction day the stock moved 1.3 pts more than Nifty Microcap 250 and 2.7 pts more than its Aluminium peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.5

10m

-0.0

15m

-0.4

30m

-1.4

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.8-0.5+1.3-1.9+2.7

Next day

+1.0-1.0+2.0-2.8+3.8

+2.0-2.1+4.1-2.6+4.6

+3.8-4.4+8.2-6.1+9.9

+3.5-2.6+6.1-4.5+8.0

+7.4-3.2+10.6-3.0+10.4

+8.3-2.5+10.8-2.6+10.9

15d

+14.5-1.7+16.3-0.2+14.7

+26.7-0.3+27.0+7.2+19.5

+24.1-5.0+29.2-0.2+24.3

+22.2-11.6+33.8-1.3+23.4

UpDownMarket · Nifty Microcap 250Sector · Aluminium peers, median of 10Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Mahendrakumar Rikhavchand Shah, a member of the promoter group of Arfin India Ltd, has sold 29,626 shares (0.0175% of paid-up capital) as part of a SAST Reg 29(2) disclosure filed with BSE on 2 December 2025. His holding has reduced marginally from 2,56,58,250 shares (15.2074%) to 2,56,28,624 shares (15.1899%). The transaction is a routine disposal by the promoter with no change in control or concert party details reported. Arfin India is listed on both BSE and NSE.

Likely market impact

The sale is very small and financially negligible, so there is unlikely to be any meaningful impact on the stock price. However, any continued promoter selling could be watched as a sentiment indicator by retail investors.