Federal Bank is trading lower by 3% at Rs 404 on back of huge block deal on the Bombay Stock Exchange (BSE)
As many as 9.73 million shares representing 5.7% of total equity of the company have changed hands on the counter on the BSE, as against an average less than 10,000 shares that were traded daily in past two weeks.
According to market reports, about 8.52 million shares have changed the hands through two block deals at price in the range of Rs 401.25 to Rs 405 per share. The buyers and sellers are not immediately known.
The stock opened at Rs 407 and hit a low of Rs 400 on the BSE. A combined 10.4 million shares have changed hands on the counter so far on the NSE and BSE.
