Shares of GMM Pfaudler slip 5% after large trade deal

GMM Pfaudler Ltd shares have slipped by over 5.73 percent to Rs 1,435 following the report of a significant trade deal.

A large block deal is reported over the counter of GMM Pfaudler scrip, involving the exchange of 58 lakh shares, which corresponds to a 13 percent equity stake, sources privy to the development told CNBC-TV18. The buyer and seller in this deal is not yet identified.

In Friday’s opening trade the shares of GMM Pfaudler hit a 52-week low of Rs 1,350, as they slipped 11 percent. At 09:30 am the stock recouped some of the losses, and was quoting 5 percent lower at Rs 1,442, as compared to 0.20 percent decline in the S&P BSE Sensex. In past four trading days, the stock has shed 15 percent. On Wednesday, as well, the stock fell 11 percent in intra-day trade amid heavy volumes.

Regarding the recent notable increase in the share volume of GMM Pfaudler, the company has clarified that the fluctuations in both share volume and price are solely attributed to market conditions and market-driven factors. The company’s management is in no way associated with any such changes in share volume and price.

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GMM Pfaudler is a leading supplier of engineered equipment and systems to the chemical and pharma markets. The company employs over 1,500 people across its 14 manufacturing facilities in four continents.

Its branded product lines cover a broad portfolio that includes fluoropolymers, filtration & drying, engineered column systems, lab & process glass, sealing technology, and glass-lined & alloy systems.

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