Thu, 24 Jan 2013 18:40:58 GMT | By The Hindu Business Line

HDIL stock crashes 22% as selling spree continues

Ever since NSE disclosed that one of HDIL's promoters has offloaded part of his stake in the market, the stock has suffered a free fall


HDIL stock crashes 22% as selling spree continues (© Reuters)

Chennai: Selling seemed to be unabated for the stock of Housing Development and Infrastructure Ltd. After witnessing a crash of over 14 per cent, the HDIL stock lost another 22 per cent in early trade on the BSE on Thursday. The stock is currently trading at Rs 75.05, down 22.03 per cent.

The stock has been at the receiving end, ever since NSE disclosed that Sarang Rakesh Wadhwan, one of its promoters, offloaded part of his stake in the market. Promoters, who hold 37.36 per cent stake in the company, have pledged their entire holding with financial institutions. It is not immediately known whether the financial institutions are also selling their stake.

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