Samvardhana Motherson shares nosedive — what's ailing the auto parts maker stock
Samvardhana Motherson International (MOTHERSON) shares dropped by Rs 7.7 to get locked in the 10 per cent lower circuit at Rs 69.1 apiece on BSE.
Samvardhana Motherson International (MOTHERSON) shares suffered heavy losses on Thursday, after more than 23 crore shares of the auto parts maker changed hands in a string of block deals.
Samvardhana Motherson shares tanked by Rs 7.7 to be locked in the 10 per cent lower circuit at Rs 69.1 apiece on BSE in morning deals. The stock came within Rs 4.5 of a 52-week low hit in October last year.
The bulk deals were equivalent to 3.4 per cent of the company's equity.
Earlier, reports had suggested that its Japanese promoter, Sumitomo Wiring Systems, was likely to offload 3.4 per cent in the Indian wiring harness manufacturer through a block deal with a floor price of Rs 69.9 apiece.
The floor price indicated a discount of almost nine per cent to Wednesday's closing price.
At the end of December 2022, Sumitomo Wiring Systems held a 17.55 per cent stake in Samvardhana Motherson, according to shareholding data. That was part of the total of 68.16 per cent stake was held by promoters, while the remainder was with the public.
Mutual funds including Nippon Life India and ICICI Prudential Long-Term Wealth held an 8.9 per cent stake in Samvardhana at the end of the third quarter of the current financial year.
Samvardhana Motherson International is the principal holding company of the Motherson Group, which is a major manufacturer of automotive components and accessories.
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