Morgan Stanley sells Indian stocks worth over Rs1,300 crore in two days

19 September 2008

Mumbai: Morgan Stanley, the No 2 US investment bank, continued to offload shares of Indian companies for a third day amidst an FII hammering of Indian bourses.

The beleaguered financial giant has offloaded shares worth over Rs1,300 crore on the Bombay Stock Exchange and the National Stock Exchange over the past two days, according to bulk deal listing on the BSE and the NSE.

Morgan Stanley Mauritius old shares worth Rs550 crore worth of shares, comprising stocks of Adhunik Metalliks, Asian Electricals, DS Kulkarni, Electrosteel Castings, Ganesh Housing, GTL Ltd, JNC Project, KS Oils Ltd, Lakshmi Overseas, Megasoft Ltd,  MIC Electronics, Rolta Ind, Ruchi Soya. Kumars Nat, Srei Infra, Sterling Tech, Sujanatower, Usha Martin, Voltas Ltd etc, over the past two days, according to the bulk deal listing on BSE

Morgan Stanley sold shares worth over Rs800 crore comprising stocks of Aptech, Jai Corp, JM Financial, Jaiprakash Associates, NIIT, Prakash Industries, Reliance Capital and Suzlon Energy.

Other foreign financial institutions like Goldman Sachs Merrill Lynch etc also continue to sell bulk shares on the Indian bourses. FIIs were net sellers of Rs 2,000 crore over the past two days alone. 

Goldman Sachs sold shares worth over Rs180 crore, including stocks of PSL, Ruchi Soya, Automotive Corporation, CMC, Madras Cement and SRF.
 
 Morgan Stanley, which topped the list of failed financial firms looking for a buyer, is reported to be in advanced negotiations with US regional banking powerhouse Wachovia Corporation.
 
But, rumours have it that Wachovia too may need help to weather a financial shakeup.