Nippon AMC hits new 52-week high as IndusInd Bank offloads entire stake for Rs 762 crore

20 Dec 2023 , 10:53 AM

Nippon Life Asset Management Company’s shares jumped over 9% in early trade and reached a 52-week high of Rs 489 on December 20 following a block sale for Rs 762 crore on the exchanges.

A block sale involving 1.78 crore shares, representing 2.86% equity in Nippon Asset Management Company took place at a floor price of Rs 427.

At around 10.28 AM, Nippon AMC was trading 6.19% higher at Rs 476.85, against the previous close of Rs 449.05 on NSE.

The block transaction also triggered a surge in volume in the counter, with two crore shares changing hands on the bourses so far, much more than the one-month daily traded average of seven lakh shares.

On the other hand, shares of IndusInd Bank also gained as much as 1% following the block transaction. The counter jumped to an intraday high of Rs 1,581 per piece, against the previous close of Rs 1,566.55 on NSE.

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