Car battery maker Clarios has sold a 10% stake in Amara Raja Batteries for about Rs 1,200 crore ($165 million) through an open market deal, a filing showed.
Following the deal, shares of Amara Raja Batteries fell as much as 6.3% on Tuesday, hitting their lowest since October last year.
Founded in 1985, Amara Raja Batteries manufactures lead-acid batteries for industries and automobiles under Amaron and PowerZone brands.
Last week, the company reported a 38% year-on-year rise in net profit after tax to Rs 189 crore for the quarter ended March.
Earlier in the month, Clarios filed paperwork with the US Securities and Exchange Commission for an initial public offering, reports said.