Mahindra and Mahindra Ltd has denied a media report that it plans to increase its stake in South Korean automaker Ssangyong Motor Co Ltd, a spokesman for Ssangyong Motor said on Friday.
Shares of Ssangyong Motor were down 8 per cent as of 0516 GMT on Friday.
A television channel on Wednesday said Mahindra is planning to hike its stake in Ssangyong to around 90 per cent to 95 per cent by the year-end, without citing where it obtained the information. Mahindra currently owns 72.85 per cent.
The report sent Ssangyong Motor shares ending up 14.6 per cent on Thursday and trading 13 per cent higher earlier on Friday.
An official for Mahindra was not available to comment when contacted by Reuters.