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Federal Bank has dipped nearly 3% to Rs 60.85 on the National Stock Exchange (NSE) after the foreign investor Morgan Stanley sold one percentage point stake in the private sector lender through open market.
On August 25, Morgan Stanley Mauritius Company had sold 8.62 million shares representing 1% stake of Federal Bank at a price of Rs 60.28 per share, the bulk deal data shows.
The stock hit a low of Rs 59.75, merely 3% away from its 52-week low of Rs 58 touched in August last year.
At 11:30 AM, the stock was down 2% at Rs 61.35 on the NSE. A combined 2.74 million shares have changed hands on the counter on the NSE and BSE so far.
On August 25, Morgan Stanley Mauritius Company had sold 8.62 million shares representing 1% stake of Federal Bank at a price of Rs 60.28 per share, the bulk deal data shows.
The stock hit a low of Rs 59.75, merely 3% away from its 52-week low of Rs 58 touched in August last year.
At 11:30 AM, the stock was down 2% at Rs 61.35 on the NSE. A combined 2.74 million shares have changed hands on the counter on the NSE and BSE so far.
