IOL Chemicals & Pharma shares: Ashish Kacholia signals exit from this multibagger stock

Seasoned investor Ashish Kacholia has signaled his exit from IOL Chemical & Pharmaceuticals in the March 2023 quarter, the latest shareholding pattern suggests. The marquee investor of Dalal Street has been among the key shareholders of the company since the December 2020 quarter.

According to the shareholding pattern filed by the company for the quarter that ended on March 31, 2023, Ashish Kacholia's name was missing from the key shareholders' list. This suggests that his holding in the company has slipped below the threshold level of one per cent.

However, it cannot be ascertained if he completely exited the company or partially. However, his holding in the company, if any, is below one per cent.

According to norms, all the listed companies have an obligation to disclose the names of their key shareholders, owning a per cent or more on a quarterly basis.

Ashish Kacholia owned 11,53,566 equity shares or a 1.97 per cent stake in IOL Chemical & Pharmaceuticals for the quarter that ended December 2022 quarter. Kacholia has been holding the stock for the last nine quarters, at least.

Shares of IOL Chemicals surged more than 5 per cent on Wednesday to Rs 316.55, before trading at Rs 307.65 at 12.30 pm. The scrip had settled at Rs 300.80 in the previous trading on Monday. It fell 45 per cent from its 52-week high at Rs 536.70 hit on April 7, 2022.

Shares of IOL Chemicals have delivered multibagger returns to investors in long term horizon. The scrip had soared more than 275 per cent in the last three years, while the counter is up 500 per cent in the last 10 years. However, in the last one year it has lost about one-third of its value, dropping about 33 per cent.

IOL Chemicals and Pharmaceuticals is among the top pharma API and specialty chemicals manufacturers in the world, which is a leading organic chemicals manufacturer and supplier. It is a bulk drug, intermediates, and specialty chemicals company.

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