HDIL tanks over 14% on promoter selling shares

HDIL tanks over 14% on promoter selling shares Mumbai: Shares of realty firm Housing Development and Infrastructure Ltd (HDIL) on Wednesday plunged over 14 percent after its Vice Chairman and MD Sarang Wadhawan sold 50 lakh shares through stock market.

After falling nearly 17 percent during the day, shares of the company finally ended at Rs 96.25, down 14.33 percent on the BSE.

At NSE, the scrip was down 13.47 percent to Rs 97.30.

HDIL yesterday said Sarang Wadhawan has sold 50 lakh shares for about Rs 57 crore through stock market.

Post this transaction, the stake of Sarang Wadhawan has come down to 0.99 percent from 2.19 percent, the company had said in a BSE filing.

The promoters held 37.36 percent stake in the company as on December 31, 2012.

PTI