Crompton Consumer Shares End Nearly 3% Lower Post Large Trades
Shares of Crompton Greaves Consumer Electricals Ltd. fell the most in nearly two months after more than 5 crore shares of the maker of consumer products exchanged hands in multiple large trades.
As many as 5.3 crore shares exchanged hands in three large trades, according to data available on Bloomberg. The first trade saw 3.34 crore shares exchange hands at Rs 301.9 apiece. Then 1.92 crore shares were exchanged in the second trade at Rs 299.6 apiece and 26.6 lakh shares in the third trade at Rs 298.05 apiece.
The total number of shares that exchanged hands amount to 8.8% of the company's total equity, according to Bloomberg. The buyers and sellers of the trade remained unknown.
According to the terms of the deal accessed by Bloomberg News, the company's two largest shareholders — Amalfiaco Ltd. and Macritchie Investments Ltd. — were planning to sell 3.83 crore shares in a large trade. Amalfiaco and Macritchie Investments intended to sell 2.51 crore and 1.32 crore shares with an option to upsize.
The stock declined for the third straight day, ending 2.75% lower at Rs 297.25.