Eicher Motors shares fell as much as 7.2 per cent to hit intraday low of Rs 16,905 after its partner Volvo started selling Eicher Motors' shares via block deal in trades today.
Volvo is selling its remaining stake 3.7 per cent in Eicher Motors. The shares sale is happening via block deal where in Volvo is selling 1 million shares of Eicher Motors in a price range of Rs 17,190-18,190 which is at a discount of up to 5.5 per cent compared to its closing price of 18,209.
Earlier, Volvo had sold its 4.7 per cent stake in the company. The Citigroup is the sole book running manager to the deal.
Reacting to this development, shares in Eicher Motors fell. As of 10:03 a.m., Eicher Motors traded 5.3 per cent lower at Rs 17,258. The stock was underperforming the Nifty which was down 0.2 per cent.
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