Shares of Piramal Enterprises erased early gains on Thursday following a large block deal that flooded the market with the company’s shares.
What Happened? A bulk deal involving 2.6% of the company’s stock, equal to around 61.1 lakh shares, was sold at an average of ₹941 – a 1% discount from Wednesday’s closing price of ₹950.15. The total deal value was ₹574.95 crore.
One foreign institutional investor (FII) was likely looking to trim its stake in the conglomerate, CNBC-Awaaz reported on July 5, citing sources. The report also said that Axis Capital was likely to facilitate the deal
Price Action: Piramal Enterprise’s share price was trading 0.15% lower than its last close at ₹948.75 in morning trade on Thursday. The stock had opened at an early morning high of 979.90 and then tumbled 3.18%.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.