VRL Logistics promoter Vijay Basavanepa Sankeshwar, who held a 33.72 percent stake as of the September quarter, sold 5.42 percent stake at an average price of Rs 570.01 on Wednesday.
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A promoter of leading transport and logistics company VRL Logistics sold 5.4 per cent stake or 47.92 lakh shares of the company for Rs 273.14 crore in open market deals on Wednesday.
On the other hand, Max Life Insurance Company Ltd., Quant Mutual Fund and ICICI Prudential Mutual Fund were the top buyers of the stock, according to wholesale deal data on the NSE.
VRL Logistics promoter Vijay Basavanepa Sankeshwar, who held 33.72 per cent stake or 2.97 crore shares as of the September quarter, sold 47.92 lakh or 5.42 per cent stake at an average price of Rs 570.01 on Wednesday for a total of Rs 273.1.
Max Life Insurance Company picked up 14.03 lakh shares at a price of Rs 570 in two transactions, valuing the deal at Rs 79.99.
On the other hand, ICICI Prudential Mutual Fund bought 11.82 lakh shares for a total of Rs 67.41 crore at an average price of Rs 570.
Quant Mutual Fund picked 10.52 lakh shares at a price of Rs 570 in two deals.
The stock was down 0.20 percent at Rs 573.90 on the BSE on Wednesday. Trading volume increased sixfold as more than 8 million shares changed hands.
Shares of the company gained 1.45 percent to trade at Rs 582.20 in morning deals. The stock opened at Rs 579.40 and touched Rs 589.45 in early trade.
VRL Logistics is the largest commercial vehicle owner in India with a fleet of 5,111 vehicles including 295 passenger vehicles and 4,816 freight vehicles. VRL has been mentioned in the Limca Book of Records as the largest private sector owner of commercial vehicles in India.
Shares of VRL Logistics were trading 1. 25 percent lower at Rs 567.60.
(Edited by: Rukmani Krishna.)