Gujarat Fluorochemicals shares fall after equity worth ₹500 crore changes hands

Shares of Gujarat Fluorochemicals Ltd. fell as much as 3% on Wednesday, September 17, after a large trade took place in the stock in the early minutes of trade.

As many as 14 lakh shares of the company or 1.28% of the total outstanding equity of the company changed hands in the large trade, as per the data available.

Shares changed hands at an average price of ₹3,565 per share, taking the total transaction value to ₹500 crore.

CNBC-TV18 had reported on Tuesday that promoters of Gujarat Fluorochemicals intend to sell up to 13 lakh shares in the company, and the floor price of the block deal has been fixed at ₹3,500 per share.

At the end of the June quarter, promoters of Gujarat Fluorochemicals held a 62.58% stake in the company.

Among public shareholders, India's domestic mutual funds have a 7.23% stake in the company, including funds like HDFC MF, Motilal Oswal MF and Nippon Life India.

India's largest insurance company Life Insurance Corporation of India (LIC) also has a 3.09% stake in the company. Akash Bhanshali has a 4.75% stake, while small retail investors, or those with authorised share capital of up to ₹2 lakh, have a 8.47% stake.

Shares of Gujarat Fluorochemicals are recovering from the lows of the day, currently trading 2% lower at ₹3,622.9.