Essel Propack shares fall 6% after 17.7% equity change hands in multiple block deals

Shares of Essel Propack fell over 6 percent on Friday after 17.7 percent equity of the company exchanged hands in large block deals in early trade. 5.58 crore shares worth Rs 1,450 crore exchanged hands in multiple blocks on BSE & NSE at an average of Rs 260 per share.

Media reports also suggested that Blackstone is looking to sell its stake in the firm. The stock fell as much as 6.2 percent to Rs 256 per share on BSE.

As per a report by media house Mint, Blackstone was looking to sell a large chunk of its shareholding in the packaging firm through block trades.