IDL Speciality sell 2 crore Ashok Leyland shares

Tags: News
IDL Speciality Chemicals today sold 2 crore shares of commercial vehicle major Ashok Leyland for an estimated Rs 47.68 crore through open market transactions.

The shares were offloaded for an average price of Rs 23.84, according to the bulk deal information available with stock exchanges.

Ashok Leyland, a Hinduja Group flagship company, is one of the largest commercial vehicle manufacturers in India with a turnover of $ 2.3 billion in 2012-13.

In a separate bulk deal, BNP Paribas Arbitrage, a shareholder of Strides Arcolab, offloaded 6.51 lakh shares of the pharmaceutical company for Rs 32.18 crore.

The shares were sold at an average price of Rs 494.42 apiece in open market transactions.

At the end of quarter ended march 2014, BNP Paribas Arbitrage held nearly 24.9 lakh shares of Strides Arcolab amounting to 4.18 per cent stake in the company.

On the BSE, Ashok Leyland shares were down 2.31 per cent to close at Rs 23.30 apiece, while scrip of Strides Arcolab surged 13.3 per cent to end the day at Rs 526.70 apiece.

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