Jan 31, 2013 03:42 PM IST | Source: Moneycontrol.com

Kennametal India hits 52-week low on stake sale news

Kennametal India fell nearly 8 percent intraday to touch a new 52-week low of Rs 680 on Thursday as the parent Kennametal Inc decided to reduce its stake in the company to meet minimum public float norms.

Kennametal India hits 52-week low on stake sale news

Kennametal India fell nearly 8 percent intraday to touch a new 52-week low of Rs 680 on Thursday as the parent Kennametal Inc decided to reduce its stake in the company to meet minimum public float norms.

Promoters hold 88.16 percent stake in Kennametal India as on December 31, 2012. Kennametal Inc holds 37.16 percent and Meturit AG 51 percent in the company.

Market regulator SEBI asked all listed companies to increase public shareholding to minimum 25 percent.

Shares rose 6.24 percent to close at Rs 690.45 amid large volumes on Bombay Stock Exchange.

Trading volumes increased 7 times to 13,341 equity shares as against five-day average of 1,870 shares.

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