Godfrey Phillips falls for second straight day; plunges 14% in 2 days

GPI, in a clarification on Tuesday, said that its promoter KK Modi-owned Modi Enterprises has no plan to sell its stake in the cigarette maker.

Shares of Godfrey Phillips India (GPI) were under pressure for the second straight day, down 10 per cent to Rs 1,240, on the BSE on Wednesday despite the company clarifying that the promoter has no plan to sell its stake in the cigarette maker. In the past two trading days, the stock has plunged 14 per cent from level of Rs 1,439 touched on January 27.

The stock of GPI has outperformed the market by surging 100 per cent in the past six months, as compared to a 9 per cent rise in the S&P BSE Sensex till Monday.

GPI, in a