Seoul: Mahindra and Mahindra Ltd has denied a media report that it plans to increase its stake in South Korean automaker Ssangyong Motor Co Ltd, a spokesman for Ssangyong Motor said on Friday.
Shares of Ssangyong Motor were down 8 percent as of 0516 GMT on Friday.
A news channel on Wednesday said Mahindra is planning to hike its stake in Ssangyong to around 90 percent to 95 percent by year-end, without citing where it obtained the information. Mahindra currently owns 72.85 percent.
The report sent Ssangyong Motor shares ending up 14.6 percent on Thursday and trading 13 percent higher earlier on Friday.
An official for Mahindra was not available to comment .
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