ICICI Prudential AMC Shares Fall 5% After Stake Sale

Prudential PLC sold a small part of its ownership in ICICI Prudential AMC.

The sale involved 2% of the company, or 99.2 lakh shares.

Because many shares were offered for sale, the company’s share price dropped nearly 5%.

The shares were likely sold at a discount compared with the previous day’s closing price.

Trading activity was very high, with about Rs 3,100 crore changing hands on the BSE.

Prudential was expected to raise up to about Rs 3,121.70 crore from the sale.

The sale was planned to help the company meet rules about how much stock must be available to public investors.

The buyers were not identified in the report.