India's GMM Pfaudler falls 18% on report promoter selling majority stake

Gmm Pfaudler

16/12/2022 04:06

** Shares of industrial equipment maker GMM Pfaudler
 GMMP.NS  fall as much as 18.1% to 1,576.10 rupees, 
    ** Stock's worst intraday fall since March 2020
    ** Multiple block deals were reported in early trade in the
range of 1,621 rupees to 1,744 rupees - Refinitiv data
    ** Pfaudler Inc, a promoter of GMMP, will sell a majority of
its stake in a block deal at a floor price of 1,700 rupees per
share, Mint newspaper reported
    ** Floor price is at a 11.7% discount to Thursday's closing
price of 1924.7 rupees
    ** GMMP did not immediately respond to Reuters' request for
comments on the promoter's stake sale
    ** About 9.2 mln shares change hands in early trade, 75x
30-day avg of 123,243 
    ** GMMP shares down 67.4% YTD
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))