India's HDIL shares drop after vice chairman sells stake

MUMBAI Wed Jan 23, 2013 2:35pm IST

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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)

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