India's Shyam Metalics sees worst day in a year as major holders plan stake sale

Shyam Metalics and Energy

11/09/2023 08:09

** Shares of Shyam Metalics and Energy  SHYE.NS  fall as
much as 6.67% to 436.60 rupees, sharpest intraday pct loss since
June 20, 2022
    ** SHYE hits lowest level since Aug 9, on track for a fourth
consecutive session of losses, if trend holds
    ** Major shareholders to sell 5.11% stake in an offer for
sale at a floor price of 414 rupees per share, a discount of
11.5% to Friday's close
    ** Narantak Dealcomm and Subham Buildwell to sell 2.09% and
3.02% of shares in co, respectively
    ** More than 2.1 mln shares change hands by 12:15 p.m. IST,
2.3x the 30-day avg 
    ** Stock last down ~3.6%, cutting YTD gains to ~43.7%


 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))