HDFC Bank Shares Surge 2% After Block Deal

3 Dec 2024 , 01:22 PM

According to ET Now, 21.7 lakh HDFC Bank shares were sold in a significant block deal that was completed on Tuesday. As a result, during morning trading, the bank’s market value surpassed Rs 14 lakh crore, and its shares rose as much as 2% to Rs 1,837 on the BSE.

Based on the company’s closing price of Rs 1804.55 the day before, the deal’s estimated worth is Rs 392 crore, even if the identities of the buyers and sellers engaged in the transaction are still unknown.

The transaction demonstrates the significant level of investor interest in HDFC Bank, whose stock price has increased by 14% in the last 12 months. The wider NSE Nifty 50, which increased 18% over the same time span, has outpaced this growth, though.

On November 28, during intraday trading, the bank’s market value last crossed the Rs 14 lakh crore threshold before the shares fell below Rs 1,800.

Following an incredible gain on November 25, when the stock surged past Rs 1,800 to reach a new all-time high, this occurred. The unusual trading volumes associated with MSCI’s November rebalancing, which raised the bank’s index weighting and drew an estimated $1.88 billion in passive inflows, were the main driver of that jump.

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