IVRCL has tanked 8% to Rs 44, extending its previous day’s 6% fall, after Essel Group sold more than 5% stake in the infrastructure company through open market transaction for Rs 68 crore on Thursday.
Subhash Chandra promoted Essel Group, which held 11.26% or 30 million shares in IVRCL through group companies -- Asia Satellite Broadcast Pvt Ltd and Jay Properties at the end of June quarter, sold 13.7 million shares in the company at an average price of around Rs 50 per share through various bulk deals on the two stock exchanges.
The stock opened at Rs 46.60 and hit a low of Rs 43.35 on the BSE. As many as a combined 13.05 million shares have already changed hands on the counter in morning trades against an average sub 21 million shares that were traded daily on the NSE and BSE.