Smallcap World Fund Inc, a minority shareholder in OnMobile Global, has sold shares worth Rs 2.36 crore in the company amid reports of a top functionary in the telecom services provider facing allegations of financial irregularities.
The entity offloaded 7,60,292 shares for Rs 31.11 apiece valuing the deal to Rs 2.36 crore, according to bulk deal data available with the stock exchanges.
Last week, Smallcap World Fund had sold more than 40.31 lakh shares for Rs 12.75 crore through similar bulk deals.
Smallcap World Fund held 6.25% stake in OnMobile at end of 2012 March quarter, according to BSE data.
In addition, Kotak Mahindra Prime also sold 28.80 lakh shares in telecom firm for Rs 8.70 crore today.
Meanwhile, Goldman Sachs Investments Mauritius purchased 12 lakh shares in OnMobile Global for Rs 3.55 crore.
Shares of OnMobile Global slumped as much as 3.44% to close at Rs 29.50 apiece on BSE.
On Thursday, OnMobile Global had denied reports of financial irregularities against its CEO and said "all rumours and allegations are baseless and devoid of factual accuracy".
The company had noted its CEO Arvind Rao was not being investigated by the board for any misappropriation of funds.
However, "to ensure that the rest of the business gets adequate focus the day to day operations of the company are being overseen by a sub committee of the board," it had said.