The shares of Mahindra & Mahindra (M&M) on Thursday ended lower nearly 3.70 per cent amid talk of a block deal from its promoter group.
The share ended at Rs 1,896.25, a fall of 3.68 per cent or Rs 72.45 on the BSE, after dropping 4.25 per cent during intra-day trades to a low of Rs 1,885.
On the NSE, the shares of the utility and tractor maker settled at Rs 1,892, marking a drop of nearly 3.99 per cent.
This came after 0.9 per cent of its equity worth nearly Rs 2,200 crore reportedly changed hands with the seller being a promoter group entity — Prudential Management and Services Ltd (PMSL).
In a clarification to the stock exchanges, M&M said that the entity has no intention to sell more shares.
“Post transmission of shares of PMSL held by the former chairman of M&M, Late Keshub Mahindra (who passed away on April 12, 2023), to his family members, the family is looking for liquidity for specific needs, and hence proposes to sell a small number of shares held by PMSL in M&M.
“The family shall continue to retain the status of Promoter Group of M&M and there is no intention to sell further shares in the foreseeable future,’’ it said.
