While predominantly a developer, Evergrande -- which employs 200,000 people, has a presence in more than 280 cities and claims to indirectly generate 3.8 million Chinese jobs -- has been on a buying spree for more than a decade.

The Relative Strength Index of the stock stood at 62.38 on Tuesday.

As of 30-Jun-2021, promoters held 33.96 per cent stake in the company, while FIIs held 16.86 per cent and domestic institutional investors had 9.72 per cent.

“As long as there are no big triggers, global markets and more so India, would go into a phase of consolidation and this will be more of a time wise correction. Bond yields would drive other asset classes now including equity.”

A total of 35,563 shares changed hands on the counter till 01:52PM (IST).

The stock quoted a 52-week high of Rs 5122.0 and a 52-week low of Rs 1762.4.

Persistent Systems Ltd. key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2021.

On BSE, the stock traded at Rs 576, down nearly 4 per cent. The stock has tumbled over 13 per cent in the last two sessions.

“FPIs are concerned about potential impact on their processes around timelines and funding patterns. Sebi has wisely decided to let the invisible hand of the market players decide the best next steps. ”

“Evergrande seems like China’s Lehman moment. Reminds us of IL&FS,” Kotak said in a tweet on microblogging website Twitter.