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.
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ITD Cementation India has 17.18 crore shares outstanding, out of which the public owns 53.36%, according to data on National Stock Exchange.
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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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