Samvardhana has 'sumo' fall
By Ruma Dubey
about 11 days ago
Samvardhana Motherson International Ltd or Motherson Sumi as it was known earlier is currently the top loser on the BSE; the stock price fell almost 14.5% to an intraday low at Rs.66.05, which is just a nick away from its 15% LC of the day at Rs.65.28. Its 52-weel low is at Rs.61.85.
The stock slipped and volumes rose almost 50-times after promoter company, Sumitomo Wiring Systems announced that it will sell around 23 crore shares or a 3.4% stake in the company.
The shares are being sold at a floor price of Rs.69.90, which is at 9% discount to yesterday’s closing price of Rs.76.80. This places the deal at Rs.1613 crore.
Prior to this stake sale, Sumitomo held 17.55% stake and with this sale, stake will now come down to 14.15%.