Mumbai: Engineering major Larsen & Toubro (L&T) has sold its entire stake of 11.49% in UltraTech Cement through an open market transaction for an estimated Rs1,035.70 crore.
L&T has sold 1,43,03,294 shares, representing 11.49% stake in the company, UltraTech Cement said in a disclosure to the Bombay Stock Exchange (BSE) today.
Calculated on the basis of current market price of UltraTech Cement, the deal value comes to over Rs1,035.70 crore.
Meanwhile, shares of UltraTech Cement reacted negatively to the development and plunged over 5% in the morning trade on the BSE. The company’s scrip dipped to a low of Rs724.10, down 5.12% over previous close.
Besides, shares of L&T remained volatile in the early trade. After opening firm on the bourses, it slipped 2.79% to witness a low of Rs1,588.15 on the BSE.
A similar downward movement of the scrips were witnessed on the National Stock Exchange (NSE), where Ultra-Tech Cement tanked 5.54% to Rs720.50 and L&T dipped to a low of Rs1,586.10, down 2.62% over last closing.
On the volume front, over 1.50 crore shares of UltraTech got traded, while 12.45 lakh L&T scrips changed hands on both the bourses.