APL Apollo opportunity

APL Apollo (NSE:APLAPOLLO) announced their plan for issuing bonus shares 1:1 with record date of Sept 16, 2021. In the weeks prior to the board meeting, the stock scaled new 52 week high, on hope of the bonus issue, but as soon as the decision was taken, exactly one month ago, there's massive selling and profit booking. 

Possibly operators are lowering the prices to buy lots of the stock to gain in the short term, post bonus issue. The stock is down more than 15% from most recent high of 1849.

 

 

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