Shares of ITD Cementation India Ltd. tumbled over 9% to their lowest in one week on Thursday following its promoter's decision to divest stakes in the company.
Italian Thai Development Public Co., which owns 46.64% stakes in the ITD Cementations, is exploring the possibility of divesting its investment in the company. However, the talks are currently at a preliminary stage, and no definitive decision in this regard has been taken as yet, the company said in an exchange filing.
ITD Cementation India has 17.18 crore shares outstanding, out of which the public owns 53.36%, according to data on National Stock Exchange.
Shares of ITD Cementation India slumped 9.22% to Rs 521, the lowest level since June 27. It pared losses to trade 7.76% higher at Rs 529.30 as of 10:40 a.m., as compared to 0.17% advance in the NSE Nifty 50 index.
The stock gained 17.34% in 12 months and 85.44% on year to date basis. Total traded volume so far in the day stood at 4.7 times its 30-day average. The relative strength index was at 62.25.
Out of five analysts tracking the company, four maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.0%
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