India's HDIL shares drop after vice chairman sells stake
MUMBAI Jan 23 (Reuters) - Shares in India's Housing Development & Infrastructure Ltd (HDIL) 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 ($10.59 million) in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.
HDIL shares were down 14.8 percent as of 0858 GMT. ($1 = 53.8150 Indian rupees) (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Religion and Politics
The head of India's most powerful Hindu group vowed to press ahead with a campaign to convert Muslims and Christians to Hinduism, stoking a sensitive debate that has stalled parliament and threatened Prime Minister Narendra Modi's economic reform agenda. Full Article