5 Reasons Why Sensex Plunged 740 Points Today

Moving on to stock-specific news...

Wabco India was among the top buzzing stocks today.

Shares of Wabco India slumped 10% after the promoter's two days stake sale through the OFS route began today.

The floor price has been fixed at Rs 5,450 a share, an 11% discount to Wednesday's closing price of Rs 6,102 apiece on the BSE.

The issue opened today for non-retail investors and will open on Friday for retail investors.

As per the stake sale plan, the promoter ZF International UK will offload an 18.1% stake through OFS.

The sale is being undertaken by the seller for achieving the minimum public shareholding requirement in the company, Wabco India said in an exchange filing.

As of December 2020, the promoters, Wabco Asia Private (75%) and ZF International UK (18.1%), collectively held a 93.1% stake in the auto parts and equipment company.

Wabco India's share price ended the day down by 5%.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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