ABG Shipyard trims stake in Great Offshore

Shares of Great Offshore have been declining for the past few weeks as ABG Shipyard has been selling the stock after its failed bid to acquire the company. The latter together with its wholly-owned subsidiary Eleventh Land Developers sold a little over 2% between May 12 and July 16, and has now reduced its stake to 5.3%.

According to market sources, ABG Shipyard could be making a loss while exiting its holdings in the rival company in which it had picked up a little over 15% at Rs 520 per share through the open offer. The trading pattern in Great Offshore showed that the stock price has fallen significantly and has been quoting below Rs 520 for a long time. The scrip, however, gained some ground in last two sessions, before closing 1% up at Rs 414 on Tuesday.