Timken India shares tumble 11% after promoters offloads stake

Timken Singapore, the parent of Timken India, sold up to 8.4% stake, or 63 lakh shares, in its India-listed firm for INR 1,890 crore through an open market transaction, fixing the floor price at INR 3,000 a share, a 14% discount to Monday’s closing price of INR 3,485.5. Timken Singapore owned 67.8% in Timken India as of shareholding data for the quarter ending March 2023. Timken India’s revenue from operations increased by 20% YoY to INR 802.5 crore in Q4 FY23.