Essel Propack is the top loser on the BSE since the opening bell today. The stock opened with a loss of over 4% and went down to an intraday low at Rs.256, down almost 6.5%.
The slump in the price and huge uptick in volume is on account of Blackstone initiating the process to sell a huge chunk of its holding in the company.
Live Mint reported that Epsilon Bidco Pte. Ltd, a Blackstone entity which owns 75% of Essel Propack, is looking to sell up to 23% stake representing around 72.5 million shares of the company.
The floor price is at Rs.225/share, which is at a 6.5% discount to yesterday’s close of Rs.273.
The stock exchanges have sought clarification on this news from the company and it is yet to revert.