Eicher Motors shares down nearly 4%

Shares of Eicher Motors today fell by nearly 4 per cent after the company said two of its promoters and Eicher Goodearth Trust sold 4.2 per cent stake in it for Rs 2,100 crore.
The stock went down by 3.82 per cent to settle at Rs 18,995.75 on BSE. Intra-day, it lost 4.67 per cent to Rs 18,826.
At NSE, shares of the company dipped 3.84 per cent to close at Rs 18,992.80.
"Anita Lal, Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group... Have sold 11.40 lakh equity shares in EML, representing 4.2 per cent of EML's equity shares, for an aggregate realisation of Rs 2,100 crore," Eicher Motors said in a regulatory filing.

With the stake sale, the commercial vehicle manufacturer, which also owns niche bike maker Royal Enfield, said promoter group shareholding now stands at 50.67 per cent.
It further said: "This sale has been done to provide liquidity to the promoters, and the proceeds will be utilised for personal uses, such as portfolio and other investments, and charitable purposes.