M&M stocks slump 6.5%, Tech Mahindra shares tank over 4%

New Delhi: Stocks of the Mahindra & Mahindra (M&M) group have been under selling pressure and were the top Sensex losers on Thursday. M&M slumped 6.5 per cent after the company announced equity stake buy in RBL Bank. On Wednesday, it made an announcement of acquiring a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs417 crore. Shares of Tech Mahindra on Thursday plunged by more than 4 per cent in the morning trade on the exchanges, a day after the IT services company5 reported a 38 per cent fall in June quarter net profit at Rs692.5 crore. In the initial trade, the stock declined 4.55 per cent to Rs1,092 apiece on the BSE. On the NSE, a similar movement was also seen in the scrip, where it tanked by 4.50 per cent to Rs1,091.75 apiece. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent”, M&M said in a filing. In a communication, RBL Bank said that the holding of M&M Limited as per the last beneficiary position as on July 21 as received from the depository (NSDL) is 3.53 per cent of the total paid up share capital of the bank.