Pipavav Defence and Offshore Engineering Company, an Anil Ambani Group company, saw heavy trading on Wednesday. Srei Infrastructure Finance, an NBFC, sold 57.38 lakh shares of Pipavav Defence on the NSE at Rs 89.47 per share, valuing the sale at Rs 51.33 crore.

The buyer could not be identified from the bulk deal data for 30 December on the NSE.

The stock closed at Rs 87.20 on the NSE, down 1.91% from its previous close. As against a weekly average volume of 1.90 crore shares, 2.97 crore shares changed hands on Wednesday.

On the BSE, the share closed at Rs 86.95, down 2.41%.

Pipavav Defence will declare its third-quarter results on 15 January, 2016.

The stock has been in the news ever since another Anil Ambani Group company, Reliance Defence, signed a contract recently in Russia to build frigates for the Indian Navy, jointly with Russian United Shipbuilding Company during Prime Minister Narendra Modi's recent visit to Russia. 

The frigates are to be built at Pipavav Defence's shipbuilding facility in Gujarat. The overall deal was valued at over $10 billion spread over 10 years.

Kirloskar Electric Company (KECL) also saw heavy trading on Wednesday on the BSE.

KECL Investment Trust sold 58.30 lakh shares at a price of Rs 34.8 per share.

The stock closed at Rs 46.55 on the BSE, up 17.40% from its previous close. The stock touched its 52-week high of Rs 47.55 during the day.