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Shriram Transport Nosedives After Reports Of Piramal Selling Stake
NBFC company Shriram Transport Finance fell in intra-day session in Monday's trade by as much as after news report made the rounds that Piramal is likely to divest its stake in the company.
As much as 10% equity shares changed hands through a block deal on the NSE in early trade worth Rs. 2,305 crore at a price of between Rs 1,000-1,023 per share.
Piramal Enterprises held a 9.96% stake in the non-banking finance company as of March 31, 2019. It had acquired the stake at Rs 723 per share in the year 2013.
There is officially no news of the company offloading its stake in the NBFC company.
As per a Bloomberg report, there was an announcement that Shriram Capital is mulling merging with its publicly traded entities Shriram City Union Finance Ltd and Shriram Transport Finance Co.
At 10:27 am, the stock of Shriram Transport quoted lower by 3.53%, after reaching an intra-day low of Rs. 1011, as against the previous close of Rs. 1081.55 on the BSE.
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