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LIC Housing Finance Ltd Shares Tumbles 11% on Block Deal

The fall is the lowest in eight months is possibly due to a block deal that saw 6.7% of the NBFC's shares exchanging hands at a discount.

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Updated:August 22, 2019, 5:00 PM IST
LIC Housing Finance Ltd Shares Tumbles 11% on Block Deal
Logo of LIC.

LIC Housing Finance Limited plunged to 10.97 per cent to close at Rs 412.85 per share on Bombay Stock Exchange (BSE), while it tumbled 10.17 per cent to close at Rs 416.25 per share on the National Stock Exchange (NSE) on Thursday, August 22.

The fall is the lowest in eight months and is possibly due to a block deal that saw 6.7 percent of the NBFC's shares exchanging hands at a discount.

According to reports, marquee investors were to sell the stake in Rs 425.15 to Rs 449.50 price range. About 3.3 crore shares were offered through accelerated bookbuild route, Economic Times reported. The name of sellers could not be ascertained immediately.

The share of LIC Housing Finance Limited dropped to 406.20 before the close on Thursday. Fidelity Investment Trust held 3.41 percent in the LIC Housing Finance as on June 30, while Bank of Muscat India Fund held 2.28 percent and 1.83 percent was held by Government Pension Fund Global.

The stock had hit a high of Rs 437.15 and a low of Rs 405.70 so far during the day. Notably, the stock hit a 52-week high of Rs 586.80 on 5 July 2019. The stock hit a 52-week low of Rs 387.60 on 5 October 2018.

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