Sumitomo Chemical India Shares Plunge On Promoter Sale

Shares in Sumitomo Chemical India Plunged almost 6 per cent after Sumitomo Chemical Company Ltd (the Promoters of the Company) said that it proposes to sell up to 49,91,457 (forty nine lakh ninety one thousand four hundred and fifty seven) Equity Shares (representing approximately 1% (one percent) of the total issued and paid up equity share capital of Sumitomo Chemical India Ltd ("the Company")

The Floor price for the share sell has been determined at Rs 265 per share, a 10% discount to Thursday's closing price. The stock was last seen trading at Rs 293, down almost 6 per cent in trade.