Shares of GMM Pfaudler fell as much as 18.1% on Friday, their worst intraday percentage fall in nearly 5 years, after a report said that one of its promoters will sell its majority stake in India's largest glass-lined equipment maker.
Pfaudler Inc, which holds a 31.9% stake in GMM Pfaudler, will sell about 29.88% of its holding via block deals at a floor price of 1,700 rupees.
This is at a discount of 11.7% to the stock's close of 1,924.70 rupees on Thursday, Mint newspaper reported.
GMM Pfaudler did not respond to Reuters' queries on the promoter's stake sale.
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