Indus Towers’ shares fell 9.6% to Rs 344.70 in early trade on Wednesday. The news that Vodafone Group has dramatically boosted its share sale in Indus Towers caused the drop.

It should be noted that the Vodafone Group has increased its share sale in Indus Towers to roughly 18%, up from 10%, for up to Rs 16,500 crore, according to a term sheet seen by news agency Reuters.

The stake held by Vodafone Group affiliates in this block sale increased from 9.94% to 17.98%.

Indus Towers’ stock has seen a sell-off as a result of the sudden rise in share sales, with shares falling by about 10%.

As of 11:13 am, the Indus Towers shares recovered slightly and were trading 4.35% at Rs 329.15.

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