CLSA Mauritius Ltd, an arm of Hong Kong-based brokerage CLSA, on Thursday sold nearly its 6 million shares in Apollo Hospitals Enterprise Ltd (AHEL) at a price of Rs 824.92 a share, pocketing nearly Rs 494.95 crore.

The National Stock Exchange (NSE) confirmed that announced that CLSA yesterday sold nearly 70.11 per cent of its stake, or roughly 6 million shares, in AHEL. Prior to the sale, CLSA had nearly 8.558 million shares in AHEL, which accounted for 6.15 per cent stake in the hospital chain.

Fidelity Management & Research Co reportedly purchased 907,000 shares in AHEL at a price of Rs 823.97 apiece, or nearly Rs 74.78 crore in total.

In the preceding trading session, the stock had closed lost 7.95 per cent to close at Rs 805.35 apiece. The stock hit an intraday high and low of Rs 864 and Rs 775.25 a share, respectively.

The reports about Foreign Institutional Investors' exit from AHEL have definitely panicked some investors. But, ICICI Direct's chief manager Siddhant Khandekar said there is no need to worry. Speaking on the topic, Khandekar said, "There might be some FII-to-FII trading, but there is no need to be panic. There will always be a buyer for these shares."

People familiar with developments at CLSA said that the brokerage arm sold its stake in AHEL because of the redemption pressures that it would face during the end of December, which is end of financial year in some countries.