Shriram Transport slides 8% after Piramal Enterprises sells entire stake

Illustration by Ajay Mohanty
Shriram Transport Finance Company shares dipped 8 per cent to Rs 1,000 in morning deal on the National Stock Exchange (NSE) on Monday after Piramal Enterprises sold its entire 9.96 per cent stake in the company through open market.

"Piramal Enterprises sold 9.96 per cent or 22.6 million equity shares of Shriram Transport Finance Company to third party investors on the floor of the stock exchange," Piramal Enterprises said in a regulatory filing. CLICK TO READ PRESS RELEASE

In December 2014, Piramal Group picked up US-based private equity investor TPG's 9.9 per cent stake in Shriram Transport through block deals in the open market for Rs 1,652 crore.

At 10:03, the stock of the company was quoting at Rs 1,039, down 4 per cent, as compared to a 0.5 per cent fall in the benchmark Nifty 50 index. Shares of Piramal Enterprises were trading flat at Rs 2,071, after rising 3 per cent to Rs 2,126 on the NSE in intra-day trade. 

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