Akzo Nobel India Stock Plunges 13% as Promoter Sells Rs 1,638 Cr Stake

• Akzo Nobel India shares fell 13% after a significant block deal on Wednesday.
• Promoter entity Imperial Chemical Industries likely sold 11.4% equity stake (51.9 lakh shares) for Rs 1,638.3 crore.
• This follows a previous 5% stake sale by Imperial Chemical Industries in September.
• The company reported a Q2 net profit of Rs 1,682 crore, boosted by an exceptional gain of Rs 1,874 crore.
• Q2 revenue, however, declined 15% year-on-year to Rs 835 crore.

Why It Matters: Akzo Nobel India stock tumbled after a major promoter stake sale, despite strong Q2 profit from exceptional gain.