(Corrects Tech Mahindra's Reuters Instrument Code in paragraph 1)
MUMBAI Dec 12 India's Tech Mahindra rose as much as 4.9 percent on Wednesday after a block sale of 9.3 million shares, widely seen as coming from BT, fetched a higher-than-expected price.
BT was set to sell its 9.1 percent stake in the Indian IT services provider on Wednesday at a floor price of 855 rupees, according to a term sheet seen by Reuters.
The National Stock Exchange reported on Wednesday a block sale at 871 rupees per share. The exchange did not name the seller, but traders widely attributed it to BT.
Tech Mahindra shares were up 4.3 percent as of 0354 GMT. (Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Sunil Nair)
Trending On Reuters
The NSE Nifty fell 3.4 percent on Thursday to the lowest since May 2014, its biggest daily fall in nearly six months as fears of a slowdown in the global economy hammered markets worldwide. Full Article