The share price of Britannia Industries fell 1.4% Intraday on June 5 after a media report said the Wadia may sell around 5% stake in the company through block deals.

The stock was trading at Rs 3428.05, down Rs 23.20, or 0.67%, on the BSE at 12:38 hours though it is 64% up from its March lows.

Later in the day, the Wadia group issued a statement saying there was no truth to the report.

"The Wadia group is looking to sell up to 5% stake in India's largest biscuits makers, Britannia Industries, to raise as much as Rs 4000 crore as the Mumbai-based conglomerate is looking to take advantage of a spike in share prices since March when Indian Markets had slumped to a record low, "The Economics had reported.



The Wadias were likely to sell shares through secondary block deals in open markets, the report said, quoting sources.

According to the report, the group was expected to infuse these funds into its aviation firms GoAir and textile and real estate company Bombay Dyeing.

As a result, Bombay Dyeing and Manufacturing Company surged 15.02 % to Rs 66.25, while Bombay Burmah Trading Corporation was up 3.64% at Rs 1115.65 on BSE.

"There is no truth, no such decision has been taken, nor any mandate given. We do not normally comment on speculation. We are issuing this statement in the interest of good governance to prevent any speculation," the Wadia group spokesperson said, reacting to the news report.