HDFC AMC stock price fell in early trade today on news that Standard Life Investments, one of the promoters of HDFC Asset Management, Company was planning to sell up to 60 lakh shares of the mutual fund constituting 2.82% total equity through offer for sale on June 17 and June 18.
Share price of HDFC AMC fell 3.45% to Rs 2,450 against previous close of Rs 2,537 on BSE. The stock has fallen 7% in the last 3 days.
The large cap stock opened with a loss of 3.1% at Rs 2,459 today.
HDFC AMC share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The sale price of shares in the offer for sale has been fixed at Rs 2,362 apiece, a 7% discount to Tuesday's closing price of Rs 2538. The share has gained 28.2% during last one year.
However, the stock has lost 22.6% since the beginning of this year. Total 0.34 lakh shares changed hands amounting to turnover of Rs 8.47 crore on BSE. Market cap of the firm fell to Rs 52,681 crore on BSE.
The sale shall take place for non-retail investors on T Day that is June 17, 2020.
The sale shall take place on a separate window of the stock exchanges on T Day, commencing at 9:15 am and shall close at 3:30 pm on the same date.
On June 18, the share sale will take place for retail investors and for non-retail investors who choose to carry forward their un-allotted bids on T+1 Day, HDFC AMC said.
By Aseem Thapliyal