Mumbai, Jun 11: Larsen and Toubro, the engineering major in Indis sold its entire stake of 11.49 pc in UltraTech Cement through an open market transaction for an estimated Rs 1, 035.70 crore.
UltraTech Cement in a disclosure to BSE on Thursday, Jun 11 said, L&T has sold 1,43,03,294 shares, representing 11.49 per cent stake in the company. The UltraTech stocks reacted in a negative manner to the development and plunged over 5 pc in the morning trade in BSE.
Besides, shares of L&T remained volatile in the early trade. After opening firm on the bourses, it slipped 2.79 per cent to witness a low of Rs 1,588.15 on the BSE. Similar trend was witnessed in National Stock Exchange too.