Stock Market

Mahanagar Gas drops 4% on block deal

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NEW DELHI: Shares of Mahanagar Gas fell nearly 4 per cent in Wednesday's trade following a block deal on the counter. Following the development, the stock declined 3.77 per cent to hit a low of Rs 908.90 on BSE. A total of 4.76 lakh shares changed hands on the counter, which was 22 times its daily average turnover of 22 thousand shares in last two weeks. ET had earlier reported that BG Asia Pacific Holdings Pte, which is owned by Royal Dutch Shell Plc, was looking to sell up to 7.5 per cent stake, worth $ 103 million (nearly Rs 670.50 crore), in Mahanagar Gas through a block trade.

The share sale was to be carried at an indicative price of Rs 905 per share, according to the term sheet document.

BG Asia Pacific held 32.5 per cent stake in the company at the end of the December quarter, according to BSE.




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