January 24, 2013 / 11:17 IST
Shares in Housing Development & Infrastructure extended falls on Thursday as a partial stake sale by Vice Chairman and Managing Director Sarang Wadhawan raised worries other stakeholders would also sell shares.
HDIL shares were down around 20 percent at 10:33 a.m., after dropping 20.4 percent in the previous two sessions. The real estate developer has seen RS 1565 crore of market capitalisation wiped out since Tuesday.
HDIL said on Tuesday Wadhawan sold 5 million shares worth Rs 57 crore in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.
Limited downside seen in HDIL, says SP TulsianControlling stakeholders, including Wadhawan, own 37.36 percent of the outstanding shares, of which 96.24 percent is pledged.
Sold 1% equity on Tuesday to fund land buy: HDIL's Wadhawan Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
