InvestorQ : Why did the stock price of HDFC AMC slip so sharply on 17 June?
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Why did the stock price of HDFC AMC slip so sharply on 17 June?

Answer
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4 months ago


The sharp fall in the price of HDFC AMC was on account of the sale of stake by one of the promoters Standard Life Investments. HDFC AMC was down 5% at Rs.2407. As announced in the offer for sale document, Standard Life Investments is offloading 2.82% stake in HDFC AMC via OFS. The OFS of 60 lakh shares will have a floor price of Rs.2362 per share. The OFS is intended to meet the MPS norms. As of Mar-20, promoter shareholding in HDFC AMC stood at 79.61% and that needs to be brought down to 75%. On 17 June, the OFS was opened for non-retail investors while for retail investors, the OFS will be opened on 18 June Thursday.