GE T&D India Stock Falls as Promoters Consider Minority Stake Sale

Shares of GE T&D India dropped by 5% after the company announced that its promoters are considering selling a minority stake to simplify its holding structure. The stock hit its lower circuit limit on both NSE and BSE. The promoter group, GE Grid Alliance BV and Grid Equipments, plan to remain majority shareholders.

Shares of GE T&D India plummeted by 5% on Wednesday, prompted by an announcement that its promoters are mulling a sale of a minority stake to streamline the company's holding structure.

The stock of the heavy electrical equipment firm declined to Rs 1,717.50 and Rs 1,725.60 apiece, hitting its lower circuit limit on both NSE and BSE. Concurrently, the BSE Sensex dipped slightly by 44.05 points or 0.05%, but the NSE Nifty rose by 25.15 points to 24,724 during morning trade.

As of Tuesday, the company's promoters, GE Grid Alliance BV and Grid Equipments, revealed these considerations in a regulatory filing, emphasizing their intention to retain a majority shareholding. GE T&D India remains a leading entity in the power transmission and distribution sector.

(With inputs from agencies.)