The steep decline followed news that Vodafone Group has significantly increased its share sale in Indus Towers.
Shares of Indus Towers fell nearly 10% in early trade on Wednesday.
New Delhi,UPDATED: Jun 19, 2024 10:27 IST
Shares of telecom infrastructure developer Indus Towers tumbled as much as 9.6% to Rs 344.70 in early trade on Wednesday.
As of 10:19 am, the shares of the company recovered slightly and were trading 4.28% lower at Rs 329.80.
The steep decline followed news that Vodafone Group has significantly increased its share sale in Indus Towers.
It may be noted that the Vodafone Group has raised its stake sale in Indus Towers to nearly 18%, up from about 10%, for up to Rs 16,500 crore, according to a term sheet seen by news agency Reuters.
This block sale by Vodafone Group affiliates has been increased to a 17.98% stake, compared to the previous 9.94%.
The sudden increase in the share sale has led to a sell-off in Indus Towers' stock, with shares sliding nearly 10%.
Despite the current trading price drop, analysts on average rate Indus Towers as a "hold" with a median price target of Rs 350, which is slightly higher than the current trading price, according to LSEG data quoted by Reuters.
Published By:
Koustav Das
Published On:
Jun 19, 2024
English (US) ·