Vadilal Industries, which had closed yesterday at rs.588.65, went on to open higher at Rs.595 but soon slumped down to hit a new 19-month low at Rs 516.50.

The stock tanked on news that an ace investor in the company, Ashish Kacholia has further pared his stake in the company from 7.21% held earlier to around 5% now.

He has sold 3.62 lakh equity shares for Rs.22.13 crore through open market transactions at Rs.612.18 on the NSE and Rs.604.05 on the BSE.