Ashok Leyland gains on stake sale in IndusInd Bank

Ashok Leyand has sold shares worth Rs 299 crore in IndusInd Bank

Shares of Ashok Leyland were up over 2% at Rs 107 on the Bombay Stock Exchange after the commercial vehicle major sold shares of IndusInd Bank worth Rs 299 crore on Monday.

Ashok Leyland has sold 32,63,923 equity shares in IndusInd Bank for Rs 915.96 per share, for an aggregate value of Rs 298.96 crore, as per the bulk deal data on the National Stock Exchange. (Click here for detailed report)

IndusInd Bank was among the first new generation private sector banks that obtained a license in 1994. The Bank was conceptualised by Srichand P Hinduja, Chairman of the Hinduja Group, which also owns Ashok Leyland.

The stock opened at Rs 105 and touched a high of Rs 107. At 12:20pm, over 5.7 million shares were traded on both the stock exchanges.