Mumbai: Shares of realty firm Housing Development and Infrastructure Ltd (HDIL) on Wednesday plunged over 14% after its vice-chairman and MD Sarang Wadhawan sold 50 lakh shares through stock market.
After falling nearly 17% during the day, shares of the company finally ended at Rs.96.25, down 14.33% on the BSE.
At the NSE, the scrip was down 13.47% to Rs.97.30.
HDIL on Tuesday said Sarang Wadhawan has sold 50 lakh shares for about Rs.57 crore through stock market.
Post this transaction, the stake of Sarang Wadhawan has come down to 0.99% from 2.19%, the company had said in a BSE filing.
The promoters held 37.36% stake in the company as on 31 December 2012.