Sobha Ltd is the top loser on the bourses since morning. The reason? The promoter, Sobha Menon sold on Friday, some 40 lakh shares or 4.15% stake in the company. She sold the shares in the open market at an average price of Rs.414.90/share.

The shares were reportedly bought by Adawi Investment Holdings.

Sobha Menon had held 41.89% stake or 4.03 crore shares  as at 31^st Dec 2017.

When promoter sells stake, howsoever small, it spooks the market and that is we are seeing on this counter today morning.

The stock price tumbled down 9% to Rs.378.50. Its 52-week low is at Rs.224.05 and high at Rs.423.30.