Mahindra and Mahindra Ltd has denied a media report that it plans to increase its stake in South Korean automaker Ssangyong Motor Co Ltd, a spokesman for Ssangyong Motor said on Friday. Shares of Ssangyong Motor were down 8 percent as of 0516 GMT on Friday.
Mahindra and Mahindra turns down claims of hiking stake in Ssangyong Motor
Reports from sources in the past had stated that Mahindra has been planning on hiking its stake in Ssangyong to about 90 percent to 95 percent by year-end, without citing where it obtained the information from. Mahindra reportedly currently owns about 72.85 percent.
The report sent Ssangyong Motor shares ending up 14.6 percent on Thursday and trading 13 percent higher earlier on Friday. An official for Mahindra was not available to comment when contacted by sources.
Reuters
