Manappuram Finance Shares Fall As 11% Equity Changes Hands

Shares of Manappuram Finance Ltd. fell on Thursday after 11% equity changed hands in five large trades, according to Bloomberg data.

However, the buyers and sellers were not known immediately.

The stock was trading 1.13% lower at Rs 144.45 apiece as of 10:37 a.m. compared to a 0.45% advance in the benchmark NSE Nifty 50. The shares fell as much as 3.3% to hit an intra-day low of Rs 141.30 apiece.

It has risen 24.5% on a year-to-date basis. The total traded volume stood at 42.1 times its 30-day average. The relative strength index was at 56.9.

Sixteen out of the 19 analysts tracking Manappuram Finance maintain a buy rating on the stock, one recommends a hold and two suggest sell, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 15.6%.