UTI AMC falls 5% as co denies reports of stake sale to Tata Group

Shares of UTI Asset Management Company (UTI AMC) fell 4.9 per cent to Rs 819 on the BSE in Wednesday's intra-day trade after the company denied reports of it being in talks with Tata group for a 45 per cent stake sale. 

"We are not aware of any such negotiations / events. Accordingly, we cannot provide any information on sequence of events," UTI AMC said in an exchange filing.

According to reports, Tata AMC plans to acquire the shares held by four public sector undertakings (PSUs) in the fund house that manages assets worth Rs 2.24 trillion. UTI AMC is ranked eighth,