Shares of SBI Cards & Payment Services Ltd. logged the worst day in five weeks after 3.3% equity changed hands in large trades.
As many as 3.13 crore shares of the cards issuer changed hands in three large trades, according to Bloomberg data. Details of the buyers and sellers were not immediately known. The stock's trading volume was more than thrice the 30-day average at this time of the day.
Carlyle Group had sought to raise $339 million (about Rs 2,559.43 crore) through the sale of 2.92 crore shares in SBI Cards, according to the terms of the deal obtained by Bloomberg News. Shares are being offered between Rs 851.50 and Rs 876.75 apiece—a discount of nearly 2.9% to Monday's closing price.
The seller of the shares is an affiliate of Carlyle's Asia Partners IV fund, CA Rover Holding. After the sale, CA Rover would not hold any more shares in SBI cards.
Shares of SBI Cards declined as much as 4.58% in early trade on Tuesday. The stock closed 4.24% lower, the worst single-day decline in five weeks. The stock was the most traded by value, and was the worst performer on the Nifty 100.
Of the 23 analysts tracking the company, 22 suggest a ‘buy' and one recommends a ‘sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 36.1%.
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