Shares of McLeod Russel today defied the broader market trend and settled up 7 per cent on the bourses after a promoter of the company sold 9 per cent stake in the company through open market transactions.
Shares of the company today opened on a bullish note then gained further momentum and touched an intra-day high of Rs 248.30, up 13.37 per cent over its previous closing price.
At the end of today's trading session, the stock was quoted at Rs 234.60, up 7.12 per cent on the BSE.
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Similar movement was seen on the National Stock Exchange as well, where the stock opened at Rs 216, then surged to an intra-day high of Rs 248.70 and finally settled for the day at Rs 234, up 7 per cent.
In a regulatory filing, the company today said that Kamal Kishore Baheti, in his capacity as the Trustee for Borelli Tea Holdings Limited, has sold 1 crore equity shares of Rs 5 each representing 9.14 per cent of the paid-up share capital of our company today through market trades at the current market price.
As on September quarter, Baheti held 2,70,67,500 equity shares of the company representing 24.73 per cent stake in the company.
Meanwhile, the broader market settled in the negative territory at 33,149.35, down 453.41 points or down 1.35 per cent.
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