IVRCL plunges over 9 per cent as Essel Group offloads shares

MUMBAI: Shares of IVRCL today plunged over 9 per cent after Essel Group pared its stake in the company with sale of shares worth nearly Rs 68 crore.

After making a weak opening, shares of the infrastructure firm tanked 9.11 per cent to Rs 43.35 as the trade progressed on the BSE.

At the NSE, the scrip fell 9.22 per cent to Rs 43.30. Subhash Chandra promoted Essel Group, which held 11.26 per cent stake in IVRCL through group companies -- Asia Satellite Broadcast Pvt Ltd and Jay Properties at the end of June quarter, sold shares in the company through various bulk deals on the two stock exchanges yesterday.

Jay Properties offloaded 96.83 lakh shares of the Hyderabad-based firm for Rs 47.57 crore on the NSE, and 20.50 lakh shares in a deal worth Rs 10.33 crore on the BSE.

Besides, Asia Satellite Broadcast sold 19.75 lakh shares of IVRCL for Rs 9.91 crore on the BSE.

Essel Group, which had acquired 10.2 per cent in IVRCL in March, 2012, through secondary market transactions and subsequently increased it to 12.27 per cent, had said that the group is keen to increase its stake.