Blue Dart slips as promoters plan to cut stake in India arm

This move is to comply with the SEBI norms on minimum public share holding requiremnets

Courier and logistics company Blue Dart Express slipped nearly 13% to Rs 1,672 after an announcement that its foreign promoter plans to cut stake in the company from the current 81% to comply with the SEBI norms on minimum public share holding requiremnets.

Deutsche Post DHL will cut down its stake through its subsidiary DHL Express Singapore today.

The stock opened at Rs 1,650 and hit a low of Rs 1,531 on the BSE. Nearly one lakh shares have changed hands so far on both the exchanges.