HDFC AMC dips 7% on BSE after 5% equity changes hands via block deals

HDFC Asset Management Company's promoter Standard Life Investment has sought up to Rs 3,000 crore from HDFC AMC share sale, reports say

Shares of HDFC Asset Management Company (AMC) dipped 7 per cent to Rs 2,871 on the BSE in Wednesday’s intra-day trade after 5 per cent equity of the company changed hands on the counter via block deals.

At 09:15 am, around 11.06 million equity shares, representing 5.19 per cent of HDFC AMC's equity, changed hands on the counter on the BSE at a price of Rs 2,878 per share, exchange data shows. The names of the buyers and sellers could not be ascertained immediately.

However, according to a Bloomberg report, HDFC Asset Management Company’s promoter Standard Life Investment