Shares of Mahanagar Gas Ltd slumped as much as 7.4 per cent to Rs 835.55, lowest in a month.
According to an IFR report, BG Asia Pacific, a unit of Shell India, will sell part of its shares in Mahanagar Gas in block trades to raise up to Rs 1,170 crore ($166.93 million). The floor price for this transaction has been set at Rs 851 per share.
BG Asia Pacific, which is owned by Royal Dutch Shell Plc, is going to sell 1.38 crore shares, which are valued at $170 million in all, through the block deal. After this block deal, BG Asia Pacific's shareholding in the company will be reduced to 10 per cent from 24 per cent earlier.
More than 24 million shares traded, over 55 times their 30-day average of 436,364 shares. Mahanagar stock was the top percentage loser on the Nifty 500 index.