Tata Chemicals stock declines 2% after ICICI Prudential offloads stake

The Life Insurance Company sold the shares at an average price of Rs414.21 a share, which were worth Rs216cr through open market operations.

Aug 30, 2018 05:08 IST India Infoline News Service

Shares of Tata Chemical were trading down nearly 2% after ICICI Prudential Life Insurance Company offloaded 2.05% stake or 52lakh shares in the company.

The Life Insurance Company sold the shares at an average price of Rs414.21 a share, which were worth Rs216cr through open market operations. ICICI Prudential made this announcement via a press note submitted to the exchanges on Wednesday after market hours.

Following the stake sale, the insurance company's shares in the Mumbai-based chemicals company dropped to 2.97% from 5.02%.

The company's stock is currently at Rs748.55, down by Rs9.6 or 1.27% from its previous closing of Rs758.15 on the BSE.

The scrip has opened at Rs752. It has touched a high and low of Rs753.70 and Rs741, respectively. So far, 3,12,728 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs19,314.63cr.

Related Story