Blue Dart shares tank

Shares of logistics service provider Blue Dart Express slumped more than 10% intraday on Friday after its promoter, DHL Express (Singapore), fixed a discounted price of Rs.1,720 per share, 16% below Thursday's closing price of Rs.2,056.6. HT reports.

Shares of logistics service provider Blue Dart Express slumped more than 10% intraday on Friday after its promoter, DHL Express (Singapore), fixed a discounted price of Rs.1,720 per share, 16% below Thursday's closing price of Rs. 2,056.6.

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The share hit Rs.1,840.0 in morning trade before clawing back to close at Rs. 1,993.15, an overall fall of 3.09% or Rs. 63.45.

DHL Express holds 81.03% stake in Blue Dart Express, which it has to prune to a maximum of 75% by next June to comply with a SEBI directive on promoter holdings in private listed companies.