Wendt India slips 8.5%

Wendt India is deep in the red today morning, slipping 8.5% to hit an intraday low at Rs.2871, with volumes going up almost 6 times.

The company had announced yesterday that Carborundum Universal and Wendt GmBH (promoters) proposed to sell up around 95,000 shares of Wendt, 4.74% stake today. The floor price was fixed at Rs.2200.

This OFS is to bring down the promoters stake, as stipulated by SEBI to 75% and below. Currently, promoters hold 79.74% stake in the company.

But today morning, the company announced that it has withdrawn the OFS due to delay in transfer of sale shares.