HDFC Mutual Fund sells shares worth Rs 358 crore in Sundram Fasteners

HDFC Mutual Fund Offloads 2% Stake in Sundram Fasteners for Rs 358 Crore

HDFC Mutual Fund has made a significant move by offloading over 2 percent equity stake in Sundram Fasteners, a company that produces precision components for the automotive, infrastructure, windmill, and aviation sectors.

The transaction, valued at nearly Rs 358 crore, was completed via open market transactions on March 4, 2024.

Share Price and Transaction Details

• HDFC Mutual Fund sold 20.5 lakh shares in Sundram Fasteners at Rs 831.97 per share.
• The fund also sold 22.48 lakh shares at Rs 832.36 per share, equating to 2.04 percent of the company's paid-up equity valued at Rs 357.66 crore.

Impact on Sundram Fasteners Share Price

The stock price of Sundram Fasteners declined 1.3 percent to finish the session at Rs 835.9 amid high volumes on the NSE, marking the sixth straight day of pressure on the stock.

Other Market Developments

Meanwhile, PNGS Reva Diamond Jewellery outperformed the falling market, rising 6.66 percent to Rs 411.7 on the NSE, despite institutional investors offloading 1.49 percent stake on its listing day.

Reva Diamonds Transaction Details

• The Asio Fund VCC-Sub Fund 4 and Vikasa India EIF I Fund - Share Class P each sold 2.36 lakh shares in Reva Diamonds, accounting for 0.74 percent stake each.
• The selling price for these shares was Rs 375 per share, totaling Rs 8.87 crore.