IDFC shares fell nearly 7% on Thursday, a day after the company announced it would sell its wealth management business to a consortium of Bandhan Financial Holdings, GIC and ChrysCapital for 4,500 crore.
The stock fell 6.65% to trade at £63.85 a share on the BSE. Over the day, it plummeted 7.89% to £63.
The NSE was down 6.35% to settle at £64.10 a share.
A consortium of Bandhan Financial Holdings, GIC and ChrysCapital will acquire IDFC Asset Management Company for ₹4,500 crore in one of the largest asset management transactions in the country.
The transaction is subject to receipt of required regulatory approvals and customary closing conditions, according to a regulatory filing Wednesday.