Dotex Merchandise has picked 3.25% stake in Phillips Carbon Black,  the leading carbon black manufacturer, for Rs 135.27 million. Dotex has bought 1.12 million shares at a price of Rs 120.78 a share.

On the other hand, Offshore India, which is one of the promoter group entity, sold 3.25% stake in the company for Rs 135.04 million. It sold 1,120,000 shares at a price of Rs 120.57 a share.

As per latest filing, Offshore India was holding 7.83% stake in the company as on Jun. 30, 2014, which will reduce following stake sale.

Shares of the company declined Rs 12.8, or 9.98%, to settle at Rs 115.45. The total volume of shares traded was 99,572 at the BSE (Tuesday).