Genesis Asset offloads Rs 408-crore shares in Pidilite Industries

New Delhi: Genesis Asset Managers LLP has cut 1.11 per cent stake in Pidilite Industries by selling shares worth Rs 408 crore in the open market.

Genesis Asset Managers LLP, which had 6.10 per cent stake earlier, brought down its shareholding in the company to 4.99 per cent by selling shares on November 1, Pidilite Industries said in a BSE filing.

The company offloaded 57.12 lakh shares, or 1.11 per cent stake, on November 1. Based on the weighted average price of the stock at Rs 714.51 per scrip on November 1, the transaction is valued at Rs 408.15 crore.

Shares of Pidilite Industries were trading lower by 1.18 per cent at Rs 696.60 apiece on the BSE.