3M India Shares Plunge Nearly 10% After Single Large Trade
3M India shares fell as much as 9.9 percent to Rs 20,610 apiece after 1.8 percent of the company’s equity changed hands on NSE.
3M India Ltd., a flagship listed company of U.S.-based 3M Co., fell nearly 10 percent in early trade On Thursday after a sizable chunk of the company’s shares exchanged hands in a single deal.
3M India shares fell as much as 9.9 percent to Rs 20,610 apiece after 1.8 percent of the company's equity—amounting to 200,173 scrips—changed hands on the National Stock Exchange. However, the stock soon recovered, trading 3.42 percent lower at Rs 22,100.00 as of 10:30 am.
The buyers and sellers of the stock were not immediately known.
This comes a day after the stock had gained 11 percent. Its shares are still 9 percent higher than what they were at two days ago.
3M Co. holds 75 percent of stake in 3M India, according to shareholding data available with the Bombay Stock Exchange. The 25 percent public shareholding is split between non-institutional investors (15.04 percent), mutual funds (3.14 percent) and foreign institutional investors (6.79 percent).
The company has a diverified business within the science and technology sector.