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Shares of Shriram Transport Finance Company plunged 6.5 per cent on Monday after Piramal Enterprises divested its entire stake in the asset financing firm.
The scrip tanked 6.15 per cent to close at ₹ 1,015 on the BSE. During the day, it dropped 6.96 per cent to ₹ 1,006.25.
At the NSE, shares plunged 6.53 per cent to close at ₹ 1,014.
Shares of Piramal Enterprises also fell by 3.07 per cent to close at ₹ 2,004.85 on the BSE.
“The company has sold its entire direct investment of 9.96 per cent in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange,” Piramal Enterprises said in a regulatory filing.
As on March 31, 2019, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company.
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