Shares of Bayer CropScience Ltd. jumped as much as 4.64% on Wednesday after a large block deal involving nearly 12% of the company's equity.
As many as 53.5 lakh shares changed hands in the block trade, equivalent to around 11.9% of Bayer CropScience's total equity. The identity of the buyers and sellers was not immediately known.
The stock rose to an intraday high of Rs 4,313.50, before paring some gains. At around 9:31 a.m., Bayer CropScience shares were trading 1.73% higher at Rs 4,193.60.
The counter opened sharply higher and climbed to its day's peak in early trade following the large transaction. However, the stock gave up a significant portion of its gains as the session progressed.
Block deals typically involve large quantities of shares traded between institutional or major investors through a separate trading window. Such transactions can lead to sharp movements in a stock, particularly when a sizeable portion of the company's equity changes hands.
Further details on the buyers, sellers and the transaction price are awaited.
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