GMM Pfaudler continues with declining trend, share price falls 5%

GMM Pfaudler, which manufactures glass-lined equipment for the pharmaceutical and chemical industries, continued its declining trend on Thursday. The company's share price was down 5 per cent. The stock has lost around a third of its value since its September high of Rs 5,974. It closed at Rs 4,003.75 on Thursday.

The stock began to fall after GMM Pfaudler announced on Monday that promoters plan to sell 17.6 per cent stake in the company. The floor price of the sale was at a steeply discounted price of Rs 3,500 per share. The company announced on Tuesday that the selling shareholders would make use of an oversubscription option to sell 20.5 per cent stake. The offer closed on September 23. It is to discuss the details of the stake sale in a conference call on Friday after market hours.