Share price of auto component major Samvardhana Motherson fell six percent in October 18 early trade to a 52 week low after 14.6 crore shares changed hands in multiple trades representing 4.6 percent stake worth Rs 952 crore, CNBC-TV18 reported.
The deal was carried out at an average of Rs 65 per share. At 9:45 am, the stock was quoting at Rs 65.35 on the National Stock Exchange, down 5.5 percent.
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On October 17, Japan-based Sojitz Corp announced it will sell 1.9 percent stake in Samvardhana Motherson through a block deal, floor price for which was set at Rs 64.36 per share.
The deal size for the sale was fixed at Rs 824 crore.
The Motherson group recently reorganised itself and changed the name of Motherson Sumi Systems to Samvardhana Motherson International.
According to Emkay Global, the company will report low revenue growth in the September quarter due to its notable overseas exposure. The firm has cut its target price on the stock from Rs 95 to Rs 90 but has a ‘buy’ rating on the stock.
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