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The stock of Greaves Cotton plummeted by more than 18 per cent on Tuesday on the BSE on rumours that Piaggio is likely to set up a plant in India. Given that 30-35 per cent of the company's revenue comes from Piaggio, this news is expected to dampen its future prospects.

Greaves Cotton manufactures diesel engines for Piaggio. Dealers also said that a leading domestic fund, which holds more than six per cent equity in the company, had turned seller on this counter. The stock closed at Rs 322.55, down 18.23 per cent.

Deeptha Rajkumar

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