 "GMM shares crash 15% as promoter Pfaudler Inc hits sell button")
GMM Pfaudler’s stock crashed more than 15 per cent on Friday after promoter Pfaudler Inc pared it's holding in the engineering firm. Shares of GMM ended at Rs 1,632, down 15.2 per cent over previous day’s close on the NSE.
Pfaudler sold 17.3 per cent stake at around Rs 1,700 per share to mop up Rs 1,324 crore. Aditya Birla Sun Life Mutual Fund and Plutus Wealth Management were among the buyers.
At the end of September 2022 quarter, the promoter holding in GMM stood at 56.06 per cent. Pfaudler held a 31.88 per cent stake, while the remaining stake was held by Indian promoters.
Pfaudler sold 17.3 per cent stake at around Rs 1,700 per share to mop up Rs 1,324 crore. Aditya Birla Sun Life Mutual Fund and Plutus Wealth Management were among the buyers.
At the end of September 2022 quarter, the promoter holding in GMM stood at 56.06 per cent. Pfaudler held a 31.88 per cent stake, while the remaining stake was held by Indian promoters.
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