On 18 August, shares of GMM Pfaudler tanked 11% and reached a 52-week low of Rs 1,376 during the early trading hours following the report of a stake sale via a block deal for a 13.56% stake or 59.2 lakh shares of the company.

GMM Pfaudler is one of the leading suppliers of engineering equipment and systems for the pharma and chemical markets.

The block deal companies included Atreides Investments B.V., Infinity Partners, and Geranium Investments Ltd., all funds controlled by Chrys Capital and secured a 9.90% stake or 44.5 Lakh shares.

Within the company, two of the company’s non-executive directors, Malte Woweries and Harsh Gupta, have resigned as the company’s share fell below 10%.

The company employs over 1,500 people across its 14 manufacturing units on four continents.

GMM Pfaudler product lines cover a broad portfolio, including filtration and drying, fluoropolymers, lab and process glass, column systems, glass-lined & alloy systems, and sealing technology.

Earlier last week, the company reported a 23% YoY increase in its revenue from operations at Rs 912 crore for the April-June quarter in the current fiscal year. In contrast, the net profit for the June quarter was Rs 54 crore from Rs 61 crore in the year-ago period.

At 2:33 pm, the shares of GMM Pfaudler were trading at Rs 1,524.20 or 0.13% below its previous close on NSE.