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The Bombay Stock Exchange (BSE) building in Mumbai in this file photo on November 9, 2016 (representational image).IANS

Intellect Design Arena, an IT company that provides solutions in the financial services space, saw its share plunge almost 13 percent intraday on news that investors Rakesh Jhunjhunwala and his wife Rekha sold ~42 lakh (4.2 million) shares of the company on Tuesday. The stock closed at Rs 111, down 9.51 percent from its previous close.

Read: Rakesh Jhunjhunwala resents 'son-in-law' treatment to FIIs

Rakesh sold 10 lakh (1 million) shares while his wife offloaded 32.30 lakh (3.2 million) shares on February 14, 2017, according to data available with the exchanges. 

At the end of December 2016 quarter, Rakesh had 12.50 lakh shares and Rekha 37.50 lakh shares in Intellect Design Arena, according to the company's regulatory filing on shareholding pattern.

For the quarter ended December 2016 (Q3), the company posted consolidated net loss of Rs 15.56 crore on total revenues of Rs 226.46 crore.

The BSE Sensex closed 183 points lower at 28,155 while the NSE Nifty closed 67 points down at 8,724. Tata Motors was the biggest Sensex loser at 10.32 percent, followed by Sun Pharma and Tata Steel.

Tata Motors reported 96 percent fall in Q3 consolidated net profit to Rs 112 crore as against Rs 2,953 crore in the corresponding period last financial year. Consolidated revenues also dropped 4.3 percent YoY to Rs 67,484 crore in comparison to Rs 70,567 crore in the year-ago period.

"Market witnessed correction due to the disappointing quarter results from some blue chips & the FED's testimony on rate hike in March. A cap in the revival of earnings growth in the broad domestic market and today's US CPI data can provide more clues to the current consolidative trend," Vinod Nair, Head of Research, Geojit Financial Services, said in a note.