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Wendt India share slips 8% in early trade, here's why

Wendt India share has lost 9.96% in the last 2 days and 3% in a month. Shares of the company with Rs 10 face value has risen over 8% in one year

twitter-logoBusinessToday.In | December 22, 2020 | Updated 16:21 IST
Wendt India share slips 8% in early trade, here's why
Wendt India stock is trading higher than 200-day moving averages but lower than 5, 20,50 and 100-day moving averages.

Wendt India shares were trading 8% lower on Tuesday morning after Carborundum Universal and Wendt GmBH, the promoters of the company, decided to withdraw the proposed offer for sale (OFS).

Wendt India stock opened with a loss of 6.68% today at Rs 2,925.90 and fell 8.4% to hit the day's low of Rs 2,871 during the session against the last close of Rs 3,135.20. The stock also hit an intraday high of Rs 3,057.10.

Wendt India share has lost 9.96% in the last 2 days and 3% in a month. Shares of the company with Rs 10 face value has risen over 8% in one year.

Wendt India stock is trading higher than 200-day moving averages but lower than 5, 20,50 and 100-day moving averages.

Market capitalisation of the firm stood at Rs 605 crore as of today's session.

In a BSE filing made before market hours today, Murugappa Group company said," With reference to the earlier announcement letter dated December 21, 2020 regarding the Offer, Carborundum Universal Limited and Wendt GmbH, being the Sellers, hereby inform that due to delay in transfer of the Sale Shares as required under the SEBI OFS Circulars, we have decided to withdraw the notice dated December 21, 2020 and accordingly the Offer stands withdrawn".

Earlier on Monday (21 December 2020), Carborundum Universal and Wendt GmBH proposed to sell upto 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. The floor price for the OFS was set at Rs 2,200 per share, at a discount of 29.83% to Wendt's closing price of Rs 3135.20 apiece.

Wendt India stock closed 2.96% lower at Rs 3,042 on BSE today.

Share Market Highlights: Sensex ends 452 points higher, Nifty at 13,466; Infosys, HCL Tech top gainers

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