GE T&D India falls 5% to hit lower circuit

New Delhi New Delhi: Shares of GE T&D India fell 5 per cent each on Wednesday after the company said its promoters are considering selling a minority stake to simplify its holding structure. Shares of the heavy electrical equipment company fell 5 per cent each to Rs 1,717.50 and Rs 1,725.60 on the NSE and BSE – touching its lower circuit limit. The 30-share BSE Sensex was trading 44.05 points, or 0.05 per cent, lower at 80,758.81 in morning trade on Wednesday; however, the NSE Nifty rose 25.15 points to 24,724.

On Tuesday, GE T&D India said its promoters, GE Grid Alliance BV (formerly Alstom Grid Holding BV) and Grid Equipments, are in the process of reviewing their shareholding structure of the company with a view to simplify its holding structure. In this regard, it will evaluate its current shareholding in the company, including evaluating the possibility of a sale of minority stake by the promoter group in the firm, the company said in a regulatory filing.