Engineering major Larsen & Toubro has sold its entire stake of 11.49 per cent in UltraTech Cement through an open market transaction for an estimated Rs 1,035.70 crore.
L&T has sold 1,43,03,294 shares, representing 11.49 per cent stake in the company, UltraTech Cement said in a disclosure to the Bombay Stock Exchange today.
Calculated on the basis of current market price of UltraTech Cement, the deal value comes to over Rs 1,035.70 crore.
Meanwhile, shares of UltraTech Cement reacted negatively to the development and plunged over five per cent in the morning trade on the BSE.
The company's scrip dipped to a low of Rs 724.10, down 5.12 per cent over previous close.
Besides, shares of L&T remained volatile in the early trade. After opening firm on the bourses, it slipped 2.79 per cent to witness a low of Rs 1,588.15 on the BSE.
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A similar downward movement of the scrips were witnessed on the National Stock Exchange, where Ultra-Tech Cement tanked 5.54 per cent to Rs 720.50 and L&T dipped to a low of Rs 1,586.10, down 2.62 per cent over last closing.
On the volume front, over 1.50 crore shares of UltraTech got traded, while 12.45 lakh L&T scrips changed hands on both the bourses.