Stake Sales in Specialty Chemicals and Retail Sectors Shake Up Market

Shiva Performance Materials and SG Mart promoters sold significant stakes on Thursday. In Styrenix, Rs 540 crore worth of shares changed hands, reducing Shiva's holding. Meanwhile, Meenakshi and Dhruv Gupta also sold SG Mart shares worth Rs 268 crore. Market reactions saw stock price declines for both companies.

In a significant market development, Shiva Performance Materials divested a 16.5 per cent stake in Styrenix Performance Materials for Rs 540 crore on Thursday through an open market transaction.

According to the bulk deal data available with the BSE, Shiva Performance Materials sold 29 lakh shares, reducing its holding in Styrenix from 62.73 per cent to 46.24 per cent. The shares were sold at an average price of Rs 1,862.20 apiece.

On the same day, SG Mart promoters Meenakshi Gupta and Dhruv Gupta divested a 5.4 per cent stake in the company for Rs 268 crore. A total of 60.75 lakh shares were sold in a price range of Rs 440-442.28 apiece. Post-transaction, the Gupta's stake in SG Mart fell to 47.25 per cent from 52.69 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)