HDFC AMC shares tumble over 5%. Here's why | Economic Times

NEW DELHI: Shares of HDFC Asset Management fell 5.3% in early Mumbai trading on Wednesday after the UK-based Standard Life -- one of the company’s promoters -- said it was looking to sell up to 10.6 million shares of the Indian fund house.The sale by Standard Life will constitute 5% of total equity and will be conducted through a block deal on Wednesday for a total amount of Rs 3,042 crore, a term sheet by JP Morgan said.At 09:45 (IST), the share price of HDFC AMC on the National Stock Exchange traded at Rs 2,913, having given up 5.3% from previous close.The floor price for the deal has been set at Rs 2,870 per share, a hefty discount of 6.65 per cent from Tuesday’s closing price of Rs 3,074.HDFC AMC is joint venture between the Housing Development Finance Corporation and Standard Life Investments and as of June 30, the British financial giant held 21.23 per cent in it and HDFC 52.65 per cent.