January 24, 2013 / 5:08 AM / 5 years ago

HDIL shares extend slump after exec sells partial stake

Construction workers are silhouetted as they work at a high rise building in Kolkata January 25, 2008.Parth Sanyal/Files

MUMBAI (Reuters) - Shares in Housing Development & Infrastructure(HDIL.NS) extended falls on Thursday as a partial stake sale by Vice Chairman and Managing Director Sarang Wadhawan raised worries other stakeholders would also sell shares.

HDIL shares were down around 20 percent at 10:33 a.m., after dropping 20.4 percent in the previous two sessions. The real estate developer has seen 15.65 billion rupees of market capitalisation wiped out since Tuesday.

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.

Controlling stakeholders, including Wadhawan, own 37.36 percent of the outstanding shares, of which 96.24 percent is pledged.

Reporting by Abhishek Vishnoi and Aditi Shah; Editing by Sunil Nair

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