Eicher Motors shares plunged as much as 4.67 per cent in early trade on Friday on reports that promoters of the company have sold 11.40 lakh shares, or 4.3 per cent stake, in the company worth of Rs 2,160 crore via block deal.
At 9.34 am, shares of Eicher Motors were trading 2.38 per cent down at Rs 19,279.80. The scrip opened the day at Rs 18,900 and has touched a high and low of Rs 19,624.15 and Rs 18,826, respectively, in trade. Later, the scrip settled 3.82 per cent down at Rs 18995.75.
Promoters were holding 54.87 per cent stake in the company as on March 31, 2016.
For the quarter ended March 2016, the company reported a consolidated net profit of Rs 334.50 crore, up 71.29 per cent, against Rs 195.28 crore in the corresponding quarter a year ago.
In the past one year, the share price of the company jumped 15.35 per cent to Rs 19749.55 on May 12, whereas the BSE Sensex slid 4.05 per cent during the same period.