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Mahindra & Mahindra Financial gains post block deal

Stock is up 5% at Rs 246. The block deal is valued at Rs 44.16 crore

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SI Reporter Mumbai
Last Updated : Aug 01 2014 | 12:24 PM IST
Mahindra & Mahindra Financial Services is up nearly 5% at Rs 246 after a block deal at Rs 238.30 per share on the Bombay Stock Exchange (BSE).

The total number of shares was a little over 18.5 lakh shares valued at Rs 44.16 crore.

For the day the stock opened at Rs 235 and has seen a high of Rs 247 thus far. Over the last one month, the stock is down nearly 14%.

The stock has been underperforming since the time asset quality issues became visible in December 2013, with gross non-performing assets (NPAs) up to 4-5% versus 3-4% earlier. And, also the Mahindra group decided not to apply for a banking license.

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First Published: Aug 01 2014 | 11:58 AM IST

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