Shares of ITD Cementation India Limited (BSE:509496) plunged 13.75% on July 4, 2024 after the promoter announced its plan to divest its stake in the company. In a stock exchange disclosure on July 3, 2024 post-market hours, the company said that Italian-Thai Development Public Company Limited (SET:ITD), the Thailand-based promoter, is exploring a potential divestment of their investments in ITD Cementation. "The company has also been informed that the process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet.

The company has no additional information to provide at this stage," it said in the exchange filing. Italian Thai Development Public Company is the sole promoter of ITD Cementation and owned a 46.64% stake as of March 31, 2024.