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Shares of Voltas Ltd hit near 1-year low as Tata Group plans to sell stake in the company. The stock plunged as much as 4.2 per cent to Rs 493, its lowest since July 21, 2017. The stock posted biggest intraday percentage loss since May 18.
According to a media report, Tata Group is exploring options to divest up to 9 pct stake in Voltas.
“Rumours of promoter group selling some stake in Voltas is having an effect on the shares. It's not a negative news though, just that few investors might believe that there might be some overhang on the stock as supply comes into the market when the sale happens,” said John Perinchery from Emkay Global Financial Services
“But if you were to think logically, I would have probably expected Tata Group to divest some marginal stake in big firms such as TCS or Tata Motors especially if it's for a strategic move to invest in defence,’’ Perinchery said.
Voltas was not immediately available for comment. The stock was down 21.5 per cent this year, as of Monday's close.
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