HDIL extends fall on Citigroup exit, tanks 28% in 2 days

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HDIL extends fall on Citigroup exit, tanks 28% in 2 days

This article was posted on Jan 24, 2013 and is filed under Market News

Citigroup Global Markets Mauritius and Sarang Wadhawan sold equity shares worth of Rs 92 crore in past two days.

Housing Development & Infrastructure Ltd ( HDIL) has tanked 16% to Rs 80.60, extending its over 20% fall in past two trading sessions after the company’s promoter along with foreign investor sold equity shares worth of Rs 92 crore via open market transaction.

“On Wednesday, January 23, 2013 Citigroup Global Markets Mauritius Private Limited sold 4.93 million shares of HDIL at Rs 100.60 on the National Stock Exchange (NSE),” according to bulk deal data.

CitiGroup Global Market Mauritius Pvt Ltd, which held 1.1% stake in the Mumbai-based real estate developer at the end of December 2012 quarter, might have offloaded its entire holding through bulk deal.

Meanwhile, HDIL’s vice chairman and managing director Sarang Wadhawan sold 5 million shares on the NSE on Tuesday, reducing his stake to 0.99% from 2.19%.

The stock opened at Rs 96.50 and hit a high of Rs 97.60 on NSE. As many as a combined 45.65 million shares have already changed hands on the counter so far against an average around 27 million shares that were traded daily in past two weeks.

Source: Business Standard

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