Concord Biotech Ltd. shares declined to an over-two-month low on Tuesday after a large trade on Tuesday.
At least 36.6 crore shares, or 3.52% of equity, of the company changed hands in the bunch trade. The shares were sold at Rs 1,400 apiece. The total value of the large trade was Rs 515.1 crore, according to data on the NSE.
Buyers and sellers involved in the trade were not known immediately.
Shares of the company fell as much as 5.95%, the lowest level since March 14, before paring loss to trade 3.67% lower at 10:06 a.m. This compares to a 0.10% advance in the NSE Nifty 50.
The stock has risen 46.44% in 12 months, but declined 5.99% year-to-date. Total traded volume so far in the day stood at 469 times its 30-day average. The relative strength index was at 30.57, which implied the stock was oversold.
Out of seven analysts tracking the company, five maintain a 'buy' rating, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 24.7%.
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