Promoter shareholding decreased by 0.12% YoY and 0.10% QoQ, indicating a lack of confidence from insiders.

Public shareholding fell by 1.68% YoY, contrasting with the sector averages which showed no change in any category, suggesting broader selling in Refex Renewables.

Institutional shareholding remained stable, but with no increase, combined with declines from Promoters and the Public points to a negative sentiment towards the stock.