Shares of ITD Cementation India crashed over 15 per cent on the bourses on Thursday after the company said its promoter is mulling a potential stake sale.

In a regulatory filing on Wednesday, the company said it had been informed by “Italian Thai Development Public Company, the promoter shareholder, that they are exploring a potential possible divestment of their investments in the company’’.

“The company has also been informed that the process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet,” it added.

For the quarter ended March 31, the promoter entity held 46.64 per cent of ITD Cementation. Based on Wednesday’s closing price, this stake was valued at ₹4,490 crore.

While the ITD Cementation share has had a stellar run on the bourses, having rallied over 250 per cent in the past one year, the announcement led to it ending with deep losses.

On the BSE, the scrip settled at ₹487.30, a fall of 15.07 per cent, or ₹86.50, over the last close. Similarly, on the NSE, it cracked 13.75 per cent to end at ₹495.

While the promoter entity is listed in Thailand, reports claim that it is facing a cash crunch. A Bloomberg report in March had said that the company is in talks with banks for new loans to overcome the liquidity crunch that led to delayed payments to some workers and contractors.