Eicher Motors dips on stake sale plans

Shares of Eicher Motors have dipped nearly 6% to Rs 17,132 on the Bombay Stock Exchange (BSE) after the reports suggest that Volvo has decided to sell the remaining 3.7% stake in Eicher Motors for $278 million.

Volvo has offered approximately 1 million shares in a price band of Rs 17,190-18,190 in an open market sale. Eicher shares closed at 18,191.15 on Wednesday. The Swedish truck maker, Volvo had already sold 1.27 million shares for nearly $300 million in the month of March. 

The stock opened at Rs 17,501 on the BSE and touched a low of Rs 16,905. At 1 PM, a combined total of nearly 1.5 million shares changed hands on the counter on the NSE and BSE.