Promoter shareholding decreased by 8.69% YoY, contrasting with a stable sector average, indicating insider concern about the company's outlook.

Institutional investment rose by 0.35% YoY and 1.84% QoQ, but this is minimal compared to significant gains in peer institutions, suggesting a lukewarm interest in Spandana.

Public shareholding remains unchanged, reflecting a lack of enthusiasm among retail investors, which aligns with the broader selling sentiment in the sector.