Falling for the fourth day in a row, shares of realty firm Housing Development and Infrastructure Ltd (HDIL) today slumped nearly 22 per cent after its Vice-Chairman and MD Sarang Wadhawan sold 50 lakh shares through stock market.
Shares of the company tanked 21.81 per cent to Rs 75.25 on the BSE.
At NSE, the scrip crashed 21.97 per cent to Rs 75.10.
In the past four trading sessions, the stock had lost nearly 38 per cent.
HDIL had on Tuesday said Sarang Wadhawan has sold 50 lakh shares for about Rs 57 crore through stock market.
Post this transaction, the stake of Sarang Wadhawan has come down to 0.99 per cent from 2.19 per cent, the company had said in a BSE filing.
The promoters held 37.36 per cent stake in the company as on December 31, 2012.
HDIL shares extend slump after exec sells partial stake
(Reuters): Shares in Housing Development & Infrastructure Ltd extended falls on Thursday as a partial stake sale by Vice Chairman and Managing Director Sarang Wadhawan raised worries other stakeholders would also sell shares.
HDIL shares were down 21 percent as of 0449 GMT, after dropping 20.4 percent in the previous two sessions. The real estate developer has seen 15.65 billion rupees ($291.52 million) of market capitalisation wiped out since Tuesday.
HDIL said on Tuesday Wadhawan sold 5 million shares worth 570 million rupees in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.
Controlling stakeholders, including Wadhawan, own 37.36 percent of the outstanding shares, of which 96.24 percent is pledged.
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