Automobile stock falls 8% as promoters plan to sell stakes via Block Deal
According to a CNBC report, Mahindra & Mahindra Limited (M&M), an Indian multinational automotive manufacturing corporation that holds a 9.25% stake in Mahindra CIE announced that it is planning to sell its stake.
The company announced that it will offload a 6.5% stake in Mahindra CIE via block deals on Monday. The deal size is said to be worth Rs 892.6 crore with the exchange of shares at an average price of Rs 365 per share.
On the news, the shares of M&M lost about 3% on Monday and ended the session at Rs 1,192 levels. While the shares of…
Continue reading 