Sobha's stocks fall nearly 9% in morning trade after promoter announces to sell 4 million stakes

Sobha shares fell nearly 9% in the morning trade on Monday after its promoter announced last week to sell four million stakes in the company.

The stock of Sobha declined 8.92% to Rs 378.50 in the morning trade on the BSE as compared to its previous close of Rs 415.55 on Friday.

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The real estate company's promoter Sobha Menon last Friday announced to sell four million stakes in the company, cited Sobha in a filing to the BSE on April 7.

Sobha is listed on the National Stock Exchange of India (NSE) and BSE.

At 11:06 hours, the stock of Sobha was trading down 8.52% or Rs 35.40 at Rs 380.15 on the BSE.

See LIVE stock updates of Sobha here-

Sobha is real estate developer with presence in India, Dubai and Middle East.