CGCEL declines as HDFC MF pares Rs 168-crore worth stake

NEW DELHI: Shares of Crompton Greaves Consumer Electricals (CGCEL) ended lower 1.9 per cent on Wednesday after the firm informed the stock exchanges that HDFC Mutual Fund has cut stake in the company by 2.01 percentage points to 7.20 per cent in an open market deal worth Rs 168 crore.

The stock declined 1.06 per cent to hit a low of Rs 136.35 on BSE. The scrip has hit a 52-week high of Rs 150 and low of Rs 126.20 in trade so far. As per a BSE filing by CGCEL, HDFC Mutual Fund cut its stake in the company by 2.02 per cent on June 13, 2016.

Before the transaction, schemes of HDFC Mutual Fund held 5.78 crore amounting to 9.22 per cent stake which has been brought down to to 4.51 crore shares after the open market sale, PTI said. The transaction took place on June 13, based on the weighted average price of Rs 132.65 per share. The deal is estimated to be worth Rs 167.89 crore.

The company was listed on BSE in May after its demerger from parent firm Crompton Greaves.