Federal Bank falls after L&T Finance sells stake

Last Updated: Tue, Nov 27, 2012 05:13 hrs

Shares in private sector lender Federal Bank Ltd fall 2.5 percent after L&T Finance Holdings Ltd sold 7.99 million shares in the bank at an average price of 453.37 rupees

L&T Finance on Monday said it plans to raise about $65 million by selling its 4.7 percent stake in the bank, according to a source and a term sheet obtained by Reuters.

Dealers say less bids at top end of the price range for block sale is keeping the stock under pressure.

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