MUMBAI Jan 23 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)
Trending On Reuters
World financial leaders will agree to calibrate and communicate monetary policy carefully to avoid triggering capital flight, but will not call an expected U.S. rate rise a risk to growth, a draft communique showed. Full Article