CE Info Shares Decline Over 8% After Block Deals

CE Info Systems Ltd.'s shares slumped more than 8% amid high volumes, after two block deals worth Rs 52.55 crore on the NSE. The number of shares traded amounted to a total of 27.94 lakh.

Approximately 5.3% of equity changed hands in more than one block deal. However, the identities of the buyers and sellers remain unknown. Two promoters, Rakesh Kumar Verma and Rashmi Verma, hold 41.64% and 9.47% shares, respectively.

The scrip fell as much as 8.48% to Rs 1,787.60 apiece, the lowest level since May 9. It pared losses to trade 7.93% lower at Rs 1,799 apiece, as of 10:05 a.m. This compares to a 0.26% decline in the NSE Nifty 50.

The stock has risen 13.33% on a year-to-date basis, and is down 9.36% in the last 12 months. Total traded volume so far in the day stood at 207 times its 30-day average. The relative strength index was at 46.48.

Out of six analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.9%.