Rajasthan Tube promoters sold 2M shares, deny control
Harish Chand Jain and family sold over 2 million shares in FY26 and claim they haven't controlled the company since June 2025. Their names remain in the promoter register pending regulatory updates.
— 1 earlier story on Rajasthan Tube Manufacturing Company Ltd. →What's new
- Promoters sold 2.04 million shares in FY26, including 1.62M by Pradeep Jain in May 2025.
- Harish Chand Jain says the family lost control of the company on June 28, 2025.
- The promoter group applied to be removed from the register but is still listed.
Why this matters
For a nano-cap with a halted manufacturing business and a pivot to NEOOH STREET, the promoters disowning control signals extreme governance risk. Investors who bought the stock assuming promoter backing now face a leadership vacuum and ongoing stake sales.
What we're watching
- Whether other promoters also seek removal from the register.
- The fate of the NEOOH STREET pivot without promoter-driven strategy.
- SEBI action on the delayed update of the promoter list.
The full read
Rajasthan Tube Manufacturing's promoters are not just selling stock — they are publicly disowning control. Harish Chand Jain, speaking for the family, says he and his relatives stopped running the company on June 28, 2025, and have applied to be removed from the promoter list. Their names remain on the register only because the regulator hasn't processed the change. In FY26, the promoters sold over 2 million shares — 1.62 million of them in May 2025 alone by Pradeep Jain, with smaller tranches from Deepika Jain and Saurabh Jain. For a nano-cap with a ₹68 crore market cap and a manufacturing business that is halted, the disavowal of control is a severe governance red flag. The company is pivoting to something called NEOOH STREET, but with the people who built the business now walking away, investors have to ask who is actually steering.
Promoter sales plus loss of control is a double signal: the old guard is cashing out and quitting. The open question is whether anyone inside still has both the incentive and the authority to run the pivot.
Questions answered
- Why do the Jain promoters no longer control Rajasthan Tube?
- Harish Chand Jain states he and his family have not managed the company since June 28, 2025, and have applied to be removed from the promoter list.
- How many shares did the promoters sell in FY26?
- Over 2 million shares (2.04 million), with Pradeep Jain selling 1.62 million in May 2025 and smaller sales by Deepika and Saurabh Jain.
- Why are their names still in the promoter register?
- Pending regulatory updates; they have applied for removal but the process is incomplete.
- What is the scale of the stake sold?
- Approximately 4% of the company's equity, based on the market cap of ₹68 crore.
- What is NEOOH STREET?
- The company's strategic pivot, but with lost promoter control, its credibility is uncertain.
Story so far
All notes on RAJTUBE →- 10 Jun 2026 · 1:51 PM IST Rajasthan Tube promoters sold 2M shares, deny control
- 9d ago Rajasthan Tube posts zero revenue and GST default in a quarter of operational stasis