Promoter shareholding remains stable with a slight YoY increase (+0.21%), while Institutions show significant selling (-2.34% YoY), indicating a lack of confidence among smart money investors.

Public participation increased QoQ (+1.44%), suggesting retail investors may be reacting to market movements rather than leading them, further supporting the perception of this stock as a laggard in the sector.

Compared to sector averages, which show no change in promoter and institution holdings, eClerx is diverging negatively, highlighting potential issues with the stock relative to peers.