Shares of Shriram Transport Finance Company plunged nearly 8 per cent Monday after Piramal Enterprises divested its entire stake in the asset financing firm for approximately Rs 2,305 crore.
The scrip declined 6.52 per cent to Rs 1,011 on the BSE. On NSE, the shares dropped 7.82 per cent to Rs 1,000.
Shares of Piramal Enterprises also fell by 1.85 per cent to Rs 2,030.10 on the BSE.
"The company has sold its entire direct investment of 9.96 per per cent in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange," Piramal Enterprises said in a regulatory filing.
As on March 31, 2019, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company.
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