Shares of Axis Bank Ltd dropped more than four percent after a huge block deal where 0.5 percent stake of the lender changed hands in two bunches, according to a Bloomberg report. However, the buyers and sellers were not known.
Around 15.3 million shares or 0.5 percent stake of the bank changed hands in two bunched trades, according to the report.
Intraday, the stock touched a low of Rs 706 apiece and fell as much as 4.24 percent, its biggest drop since May 6. At 2.55 pm, the stock was trading at Rs 716 on BSE, down 3 percent from its previous close. The stock was down for the sixth session.
Axis Bank had announced its plan to acquire Citibank’s consumer businesses for Rs 12,325 crore in March. Earlier this month, the Competition Commission of India approved Axis Bank’s acquisition.
The acquisition consists of Citi’s credit cards, unsecured and secured lending portfolios, wealth management, private banking and retail deposit businesses. The deal also includes the sale of Citicorp Finance (India) Limited.Axis Bank will buy 1.2 million retail customers of Citibank India, including 40,000 wealth and private banking clients, which would help it enhance its presence in the highly competitive urban retail market.