Shares of Aavas Financiers nosedived by approximately 8 percent during early trade on March 5, reaching a 52-week low of Rs 1,321, following a substantial block deal valued at Rs 1,419.30 crore on the exchanges.
Around 1.03 crore shares, equivalent to 13.1 percent of the equity, were traded in a significant deal on the exchanges. Moneycontrol was unable to promptly identify the participants involved in the transaction.
The block deal resulted in a notable surge in trading volumes for the stock, with one crore shares changing hands so far, surpassing the one-month daily traded average of two lakh shares.
As of 11:13 AM, shares of Aavas Financiers, while recovering from the day’s low, were still trading approximately 5 percent lower at Rs 1,362 on the NSE.
Shares of Aavas Financiers experienced a surge in early February following the announcement by Finance Minister Nirmala Sitharaman regarding a significant housing push in the interim budget of 2024.
The government’s proposal to introduce a scheme aimed at constructing two crore houses within the next five years under the Pradhan Mantri Awas Yojana (Grameen) is perceived as a growth catalyst for the company.
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