Shares of Central Depository Services (India) Ltd. snapped a three-session rally on Wednesday after a term sheet showed that Standard Chartered Bank—Corporate Banking is looking to sell its entire 7.18% stake through a block deal.
As of Dec. 31, 2023, Standard Chartered Bank held 7.5 million shares in the company, according to the NSE website.
As many as 77.2 lakh shares or 7.4% of equity changed hands in a large trade at Rs 1,704 apiece, according to Bloomberg. The buyers and sellers of the trade were not known immediately.
On the NSE, the stock fell as much as 6.37% during the day to Rs 1,675 apiece, the lowest since March 20. It was trading 5.17% lower at Rs 1,696.40 per share, compared to a flat benchmark Nifty 50 as of 9:42 a.m.
The share price had risen nearly 8% in the last three sessions. It has risen 86.8% in the last 12 months. The total traded volume so far in the day stood at 16.8 times its 30-day average. The relative strength index was at 39.80.
Out of 10 analysts tracking the company, two have a 'buy' rating on the stock, six recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10.9%.
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