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Shriram Transport slides 8% after Piramal Enterprises sells entire stake

Piramal Enterprises sold 9.96 per cent equity of Shriram Transport Finance Company to third-party investors, according to its stock exchange filing.

SI Reporter  |  New Delhi 

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Illustration by Ajay Mohanty

Finance Company shares dipped 8 per cent to Rs 1,000 in morning deal on the National Stock Exchange (NSE) on Monday after sold its entire 9.96 per cent stake in the company through open market.

"sold 9.96 per cent or 22.6 million equity shares of Finance Company to third party investors on the floor of the stock exchange," said in a regulatory filing. CLICK TO READ PRESS RELEASE

In December 2014, Piramal Group picked up US-based private equity investor TPG's 9.9 per cent stake in through block deals in the open market for Rs 1,652 crore.

At 10:03, the stock of the company was quoting at Rs 1,039, down 4 per cent, as compared to a 0.5 per cent fall in the benchmark 50 index. Shares of Piramal Enterprises were trading flat at Rs 2,071, after rising 3 per cent to Rs 2,126 on the in intra-day trade.

First Published: Mon, June 17 2019. 10:17 IST