Sunteck Realty slumps ~8% owing to large deal worth Rs 336.40 crore

13 Dec 2023 , 11:58 AM

Sunteck Realty shares fell more than 8% in early trade on December 13 following a major transaction of Rs 336.4 crore in the counter.

Around 69 lakh shares, representing 4.75% stake in the company’s ownership, were traded on the markets at an average floor price of Rs 482 each. The deal’s floor price is more than 3% lower than the stock’s December 12 closing price of Rs 499.45.

At around 11.05 AM, Sunteck Realty was trading 6.60% lower at Rs 466.30, against the previous close of Rs 499.45 on NSE.

The massive transaction also triggered a surge in activity on the counter, with 87 lakh shares changing hands on exchanges thus far, greatly above the one-month daily traded average of seven lakh shares.

Sunteck Realty is expected to produce a solid 25% compounded annual growth rate (CAGR) between FY23 and FY26, fueled by an elevation in launches from both new and current projects.

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