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Shares of Samvardhana Motherson International fell to a 52-week low after 14.6 crore shares or 4.6 percent of the total equity exchanged hands in multiple block trades. The value of the deals is said to be worth Rs 952 crore and they were executed at an average price of Rs 65 per share.

On Monday, Japan's Sojitz Corp had announced that it will sell 1.9 percent stake in the company through a block deal. Floor price for the same was set at Rs 64.36 per share.

The seller will now have a 90-day lock-in period post the transactions. Sojitz Corp earlier held 3.46 percent stake in the company.

Shares of Samvardhana fell as much as 7.2 percent to a 52-week low of Rs 64.15.

The company was in the news last month when it acquired a stake in the mirror business of Ichikoh Industries in Japan. It also acquired Daimler India Commercial Vehicles' frame manufacturing and assembly operations facilities in Chennai.

Board of Samvardhana Motherson approved a 1:2 bonus issue to shareholders last month.

First Published:Oct 18, 2022 11:14 AM IST