SBI MF reduces stake in McDowell Holdings by 3%

SBI Mutual Fund has cut its stake by 3 percent in Vijay Mallya-led McDowell Holdings to 5.77 percent.

SBI Mutual Fund, which had 8.77 percent earlier, brought down its shareholding in the company to 5.77 percent, McDowell Holdings said in a filing to BSE.

SBI MF sold 4.22 lakh shares of the company on July 8 and based on the closing stock price of Rs 33.75, the transaction is estimated to have been valued at Rs 1.41 crore.

McDowell Holdings is a UB Group firm. The company's stock was trading at Rs 32.10 on BSE, down 0.62 percent.