New Delhi, May 15 -- Shares of Wendt (India) Ltd. tumbled over 17 percent on Thursday, May 15, following the announcement by its foreign promoter, Wendt GmbH, to offload its entire stake in the company via an Offer For Sale (OFS) process. The Germany-based firm, which jointly promotes the company along with India's Carborundum Universal, intends to sell up to 37.5 percent of the equity in Wendt (India), including an option to offload an additional 7.5 percent if oversubscribed.

The floor price for the OFS has been set at Rs.6,500 per share - a steep 38 percent discount from the previous day's closing price. This triggered a sharp sell-off in the counter, dragging the stock down to a fresh 52-week low of Rs.8,374.15, marking a fall of nea...