Bandhan Bank Tanks Nearly 11% Post Block Deal

Bandhan Bank shares tanked nearly 11 per cent on the BSE post a block deal, which saw 345.6 million shares changing hands. The details of the buyers and sellers in the block deal are not known. The shares of Bandhan Bank ended the session at Rs 308.65, down 10.60 per cent, on the BSE. The stock had opened at the intra-day high of Rs 321.10 and touched a low of Rs 304.20 during the day.

Bandhan Financial Holdings, the main shareholder of Bandhan Bank, was expected to sell 337.4 million shares or 20.95 per cent stake worth $1.4 billion (Rs 10,500 crore) in the bank through a block deal to meet shareholding norms of the Reserve Bank. Bandhan Financial Holdings held 60.95 per cent stake in the bank prior to the block deal.

The BSE Sensex ended the day at 36,939.60, lower by 667.29 points or 1.7 per cent and the NSE Nifty ended at 10,891.60, down 181.85 points or 1.6 per cent at the time.