Sobha's stocks fall nearly 9% in morning trade after promoter announces to sell 4 million stakes
Bombay Stock Exchange (BSE) headquarters in Mumbai, Maharashtra, India. Image Source: IANS
Sobha shares fell nearly 9% in the morning trade on Monday after its promoter announced last week to sell four million stakes in the company.
The stock of Sobha declined 8.92% to Rs 378.50 in the morning trade on the BSE as compared to its previous close of Rs 415.55 on Friday.
The real estate company's promoter Sobha Menon last Friday announced to sell four million stakes in the company, cited Sobha in a filing to the BSE on April 7.
Sobha is listed on the National Stock Exchange of India (NSE) and BSE.
At 11:06 hours, the stock of Sobha was trading down 8.52% or Rs 35.40 at Rs 380.15 on the BSE.
See LIVE stock updates of Sobha here-
Sobha is real estate developer with presence in India, Dubai and Middle East.