Shares of Oracle Financial Services Software tumbled over 6 per cent today after its promoter Oracle announced that it will sell 5.3 per cent stake in the company to comply with the minimum public shareholding requirements.
After making a weak opening, the scrip further fell 6.37 per cent to Rs 2,535.55 on the BSE. On the NSE, the stock tanked 6.57 per cent to Rs 2,533.65.
At 12.32 p.m., the shares were trading down 4.66 per cent at Rs 2,582 on the BSE and were trading lower by 4.8 per cent at Rs 2,581.75 on the NSE.
Oracle will reduce its current 80.3 per cent stake in OFSS to 75 per cent to meet the regulatory requirements adopted in India in June 2010, the company said in a statement today.
According to the regulatory norms, all publicly listed companies on the Indian stock exchanges are required to have a minimum public shareholding of 25 per cent by June 2013.
“Oracle is committed to continuing its strategic relationship with OFSS and expects to otherwise maintain its position as the majority owner and promoter of OFSS,” it added.