HDFC AMC drops over 6%

HDFC AMC is down in the red today, opening 5.5% lower at Rs.2909, going down further below 6.5% to hit an intraday low at Rs.2929 and the story of this fall lay in the volumes traded – surging 500 times, the most traded stock on the bourses today.

Almost 2 crore shares or 5% equity changed hands during the opening trade though data about the buyers and sellers is not yet known.

But in all likelihood, as stated by Bloomberg, Standard Investments is offloading around 1 crore shares in the company, at a floor price of Rs.2870/share, which is 6.7% discount to yesterday’s close.

As at 30th June, Standard Life held 21.23% stake in the company.