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Shares in private sector lender Federal Bank Ltd fall 2.5 percent after L&T Finance Holdings Ltd sold 7.99 million shares in the bank at an average price of Rs 453.37.
L&T Finance on Monday said it plans to raise about USD 65 million by selling its 4.7 percent stake in the bank, according to a source and a term sheet obtained by Reuters.
Dealers say less bids at top end of the price range for block sale is keeping the stock under pressure.
L&T Finance stock price
On October 23, 2014, L&T Finance Holdings closed at Rs 68.85, up Rs 1.05, or 1.55 percent. The 52-week high of the share was Rs 88.35 and the 52-week low was Rs 62.30.
The company's trailing 12-month (TTM) EPS was at Rs 0.27 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 255. The latest book value of the company is Rs 20.52 per share. At current value, the price-to-book value of the company is 3.36.
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