Shares of Max Healthcare Institute Ltd. fell the most in nearly two weeks on the back of large trades.
About 8.87 crore shares, or 9.2% equity, of the healthcare company changed hands in three bunched deals in opening trade, according to Bloomberg data.
While the buyers and sellers were not immediately known, the Mint, citing deal terms reviewed by it, reported that global investment firm KKR & Co. was looking to sell a 6.5% stake Rs 2,220 crore in Max Healthcare in a block trade.
According to the report, the block trade will be done by KKR's unit, Kayak Investments Holding Pte, and involves selling 6.35 million (63.5 lakh) shares or 6.57% of Max Healthcare at Rs 350-369.7 apiece, a discount of 5.3% to Tuesday closing.
As on June 30, Kayak Investments held a 47.24% stake in Max Healthcare.
Shares of Max Healthcare fell as much as 5.7% to Rs 346.95 apiece on the BSE. That's the biggest single-day loss since Sept. 17, when the stock dropped 10.55%. The scrip was the second-worst performer on BSE 500 and Nifty 500.
Of the five analysts tracking the company, four have a ‘buy' rating and one suggests a 'hold', according to Bloomberg data. The average of 12-month consensus price targets implies an upside of 6.3%.
The stock was the most-traded on the exchanges by volume, with its trading volume higher than 44 times its three-month full-day average.
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