MILAN (AP) - The Mahindra industrial group based in Mumbai, India, has reached a deal to buy a controlling stake in the Italian design firm Pininfarina, most famous for its designs for Ferrari, Alfa Romeo and Maserati.

MILAN (AP) The Mahindra industrial group based in Mumbai, India, has reached a deal to buy a controlling stake in the Italian design firm Pininfarina, most famous for its designs for Ferrari, Alfa Romeo and Maserati.

Shares in the 85-year-old Italian company dropped by 60 percent on the news, hitting 1.67 euros. That compares with 4.20 euros last Friday.

Under the deal announced Monday, two of the Mahindra group's units, Tech Mahindra and Mahindra&Mahindra, will buy 76.06 percent of Pininfarina for 1.10 euros a share. The deal calls for an open offer for the remaining Pininfarina shares to be completed by the end of 2016.

Mahindra said in a statement that the acquisition will give it entry to automotive styling while contributing to its transportation, aerospace and industrial design work.