Nuvama Wealth slips over 5% owing to ₹2,100 Crore block deal

12 Dec 2024 , 01:46 PM

Nuvama Wealth shares slid up to 5% in Thursday morning trading following a major block sale in which 30 lakh shares of the company changed hands at a price of ₹7,025.

According to reports, the sale contained 8.4% stock in Nuvama Wealth and was valued at roughly ₹2,100 Crore, with Edelweiss Group trying to sell its holding.

The buyer and seller’s identities are not yet publicly known, and they are unlikely to be released until the evening, when stock exchanges announce block and bulk transaction data.

Nuvama Wealth debuted on the public exchanges in September of last year, following its spinoff from Edelweiss Financial Services.

In the September quarter, Nuvama Wealth’s Q2 revenue was ₹740 Crore, up 50% year on year, while its operating profit after tax (PAT) was ₹258 Crore, up 77% year on year.

Nuvama, one of India’s largest integrated wealth management organizations, manages ₹4,41,276 Crore in client assets and serves a broad client base, including roughly 12 lakh affluent people and HNIs, as well as 4,050+ of India’s most fortunate families.

At around 1.40 PM, Nuvama Wealth was trading 5.14% lower at ₹6,922.05 per piece, against the previous close of ₹7,297.35 on NSE. The counter touched an intraday high and low of ₹7,125.25, and ₹6,825, respectively.

For feedback and suggestions, write to us at [e-mail]