January 23, 2013 / 9:09 AM / 5 years ago

HDIL shares drop after vice chairman sells stake

MUMBAI (Reuters) - Shares in Housing Development & Infrastructure Ltd (HDIL) (HDIL.NS) 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 in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.

    HDIL shares were down around 15 percent at 2:35 p.m.

    Reporting by Abhishek Vishnoi; Editing by Rafael Nam

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