NEW DELHI: Shares of Shriram Transport Finance (STFC) plunged nearly 7 per cent to Rs 1,011 in Monday's session after Piramal Enterprises sold its entire stake in the company via multiple block deals."We wish to inform you that the company has sold its entire direct investment of 9.96 per cent in the fully paid-up share capital of Shriram Transport Finance Company to third-party investors on the floor of the stock exchange," said Piramal Enterprises in a BSE filing today.
Around 9:55 am, shares of Shriram Transport Finance traded 3.97 per cent down at Rs 1,038.65 while those of Piramal Enterprises were 0.45 per cent up at Rs 2,077.70.Fidelity, Capital, Eastspring and SBI MF are likely buyers of STFC shares, according to ETNow.Shriram Transport had reported a flat growth with net profit down 3.4 per cent during the fourth quarter ended March 2018.Asset quality had also deteriorated as the company transitioned to 90 days past overdue in the fourth quarter.
Gross NPA was at 9.15 per cent while net NPA rose to 2.83 per cent in the quarter up from 8.16 per cent and 2.65 per cent a year ago.