Both Promoter and Institution shareholding for South Asian Enterprises Ltd. show no change, indicating a lack of conviction from smart money.

Public shareholding has increased year-over-year by 5.08%, but decreased slightly QoQ by 0.17%, suggesting retail investors may be reacting to short-term trends rather than long-term stability.

Compared to the sector averages, which also show no changes in Promoter and Institution ownership, the overall lack of engagement from smart money reinforces the broad-based selling sentiment.