Indigo Paints hits new low

Indigo Paints, which had closed last session at Rs.1496.45, opened lower today at Rs.1351.65, going down further to hit a new 52-week low at Rs.1343, with volumes up 227x on the back of block deals.

The stock price fell after VC firm, Sequoia sold its stake in the company. It held a total of 13.73% stake and it was to sell 3.3% stake worth Rs.235 crore, with a floor price set at Rs.1315/share.

Today alone, some 21 lakh shares or 4.4% stake changed hands.