 "HDIL gains after management clarifies on recent stake sale")
Shares of HDIL were up over 3% after the company's management clarified on the recent promoters' stake sale last month.
The management, at its earnings conference call on Friday, responded to a query saying that the share sale was done to make partial payment for a 15-acre mill land located at Byculla in central Mumbai.
It may be called that the stock has slumped nearly 50% in the fourth week of January after the company said its vice chairman and managing director Sarang Wadhawan sold 5 million shares for Rs 57 crore.
Thus far, 1.4 million shares have been traded on the BSE.
The management, at its earnings conference call on Friday, responded to a query saying that the share sale was done to make partial payment for a 15-acre mill land located at Byculla in central Mumbai.
It may be called that the stock has slumped nearly 50% in the fourth week of January after the company said its vice chairman and managing director Sarang Wadhawan sold 5 million shares for Rs 57 crore.
Thus far, 1.4 million shares have been traded on the BSE.