Orient Cement Limited (NSEI:ORIENTCEM) on October 18, 2023 clarified on the new report by ET which stated that the company promoter and industrialist CK Birla's plan to sell his stake in the company to. It said that the company is not privy to any such discussion. "We wish to clarify that at present there is no material information/announcement, including impending announcement, which in the opinion of the Company may have a bearing on the price/volume behaviour of the scrip.

If and when the Company becomes aware of any information /event warranting a disclosure, the Company shall promptly comply with the disclosure obligations under the Listing Regulations," Orient Cement said in a regulatory filing. According to the reports, CK Birla had approached Gautam Adani to sell his promoter stake in Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand. The news piece had further stated that senior management executives on both sides have also met to discuss a potential deal for the Adanis, who already own India's second largest capacity.