HDIL shares drop after vice chairman sells stake

MUMBAI Wed Jan 23, 2013 2:38pm IST

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MUMBAI (Reuters) - Shares in Housing Development & Infrastructure Ltd (HDIL) (HDIL.NS) fell as much as 15.8 percent on Wednesday after Vice Chairman and Managing Director Sarang Wadhawan sold a partial stake in the company.

HDIL said on Tuesday Wadhawan sold 5 million shares worth 570 million rupees in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.

HDIL shares were down around 15 percent at 2:35 p.m.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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