Eicher Motors shares skid nearly 6% as Volvo exits
Shares of Eicher Motors plunged nearly six per cent on Thursday as Swedish commercial vehicle major Volvo exited the company by selling its residual 3.7 per cent stake in the Indian firm for about Rs 1,695 crore.
After falling 7.16 <g data-gr-id="19">per cent</g> to Rs 16,905 in intra-day, shares of Eicher Motors finally ended at Rs 17,182.35, down 5.64 <g data-gr-id="21">per cent</g> on the BSE. At the NSE, it dipped 4.83 <g data-gr-id="22">per cent</g> to close at Rs 17,311.75. The company’s market valuation also fell by Rs 2,724 crore to Rs 46,636.99 crore. Eicher Motors saw correction in its share price on news of Volvo selling 3.7 per cent stake in Eicher Motors to exit its almost <g data-gr-id="20">seven-year old</g> investment in the company, Bonanza Portfolio Ltd Associate Fund manager Hiren Dhakan said.
“Volvo Group has sold its remaining holding in the listed Indian automotive manufacturer, Eicher Motors Ltd. The sale corresponds to 10,05,610 shares with a total value of approximately 2.2 billion Swedish Krona (about Rs 1,695 crore),” Volvo said in a statement.