Nov 12, 2009

Citigroup offloads stake in L&T

A quick check on the FII transaction data suggests that except for two transactions involving L&T, a Sensex and Nifty component, and Suzlon, a Nifty stock, all other transactions were in mid- and small-cap sector . The buying or selling generally suggested portfolio churning between two FIIs as also between an FII and a local investor.

Citigroup Global Markets Mauritius Private Ltd on November 6 sold 42.10 lakh shares of L&T, a large part of which was bought by HSBC at Rs 1,566/share. HSBC Global Investment Funds (A/C HSBC Global Investment Funds Mauritius Ltd) bought around 40.14 lakh shares of L&T on the same day.