(Corrects Tech Mahindra's Reuters Instrument Code in paragraph 1)
MUMBAI Dec 12 (Reuters) - India's Tech Mahindra rose as much as 4.9 percent on Wednesday after a block sale of 9.3 million shares, widely seen as coming from BT, fetched a higher-than-expected price.
BT was set to sell its 9.1 percent stake in the Indian IT services provider on Wednesday at a floor price of 855 rupees, according to a term sheet seen by Reuters.
The National Stock Exchange reported on Wednesday a block sale at 871 rupees per share. The exchange did not name the seller, but traders widely attributed it to BT.
Tech Mahindra shares were up 4.3 percent as of 0354 GMT. (Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Sunil Nair)
Trending On Reuters
Markets & Business
The BSE Sensex and Nifty slumped more than 2 percent on Wednesday to wipe out their entire gains for the year because of strong selling on algorithmic trading platforms, while continued offloading by foreign investors amid retrospective tax worries also weighed. Full Article
Greenpeace faces shutdown after India freezes funds in charity crackdown Full Article