Blue Dart plunges on reports of stake dilution

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Blue Dart plunges on reports of stake dilution
The shares of the Blue Dart Express Ltd company plunged on Tuesday after reports that promoters of the company expressed to dilute stake in the company.

"Deutsche Post DHL currently holds 81 per cent in the Mumbai-based express logistic firm,' a DHL Express India official said when contacted, but did not reveal when and how will they achieve the objective," said a PTI report.

The company's foreign promoter plans to cut stake in the company from the current 81% to comply with the SEBI norms on minimum public share holding requirements.

The shares of the company was trading lower by 11.31% at Rs 1,697 on BSE at 12.40 pm IST. The stock touched intra-day low of Rs 1,525.

Blue Dart is South Asia's premier courier, and integrated express package distribution company.

Meanwhile, the broader benchmark Sensex was seen trading at 17,340.08, lower by 44.32 points and Nifty was seen lower by -8.65 points at 1.10 pm IST.

Read more about: blue dart
Story first published: Tuesday, September 4, 2012, 12:59 [IST]
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