Shares in India's Housing Development & Infrastructure Ltd extended falls on Thursday as a partial stake sale by Vice Chairman and Managing Director Sarang Wadhawan raised worries other stakeholders would also sell shares.
HDIL shares were down 21 percent as of 0449 GMT, after dropping 20.4 percent in the previous two sessions. The real estate developer has seen 15.65 billion rupees ($291.52 million) of market capitalisation wiped out since Tuesday.
HDIL said on Tuesday Wadhawan sold 5 million shares worth 570 million rupees in secondary markets, reducing his stake to 0.99 percent from 2.19 percent.
Controlling stakeholders, including Wadhawan, own 37.36 percent of the outstanding shares, of which 96.24 percent is pledged.