Shares of ICICI Prudential Asset Management tumbled 3.8 percent in trading today following a significant stake reduction by foreign co-promoter Prudential. The overseas partner executed a block deal to offload a two percent holding in the prominent asset management firm.

Brokered exclusively by ICICI Securities, the transaction was conducted entirely as a secondary market sale. Financial analysts noted that while the divestment triggered heavy trading volumes, it brought no fresh capital injection to the company's balance sheet.

Despite the intraday decline, domestic institutional investors moved swiftly to absorb the offloaded supply.