Market News

Shriram Transport tanks 6% after reports of Piramal selling entire stake in co

Shares of NBFC Shriram Transport Finance Corporation fell 6.5 percent intraday on June 17 after about 10 percent equity changed hands via block deals in early trade on the NSE.

The stock was quoting at Rs 1,036.45, down Rs 45.10, or 4.17 percent on the BSE at 0926 hours IST.

CNBC-TV18 quoting sources reported that about 10 percent equity worth Rs 2,305 crore exchanged hands on NSE at around Rs 1,000-1,023 per share.

The news channel learnt that Piramal Enterprises might have sold the entire 10 percent stake in Shriram Transport, which could be ahead of the merger in Shriram Group companies, though officially there is no news.

Piramal Enterprises held 9.96 percent stake in the non-banking finance company as of March 31, 2019. It had bought that stake at Rs 723 per share in 2013.

In April, Bloomberg reported that Shriram Capital was considering merging with its publicly traded entities Shriram City Union Finance Ltd and Shriram Transport Finance Co. However, no timeline for the deal had been.

 

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