India Shelter Finance stock tanks 9% as nearly 6% equity changes hands

India Shelter Finance Corporation's stock price has gained 30 percent since the start of the year.

India Shelter Finance Corporation shares dropped by 9 percent to Rs 719 in afternoon trade on September 16, marking the steepest decline since its listing in December 2023, following a significant trade on the bourses.

Around 65 lakh shares, representing nearly 6 percent of the company's total equity, were exchanged in this large transaction on Monday. The shares were traded at an average price of Rs 490 each, with the total value of the transaction amounting to Rs 756 crore.

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Although the identities of the buyers and sellers were not disclosed, CNBC-TV18, citing sources reported that a major venture capital fund likely offloaded its stake.

As of the June 2024 quarter, India Shelter Finance's promoters held 48.22 percent of the company's shares, while the remainder was publicly owned. Indian mutual funds held 14.03 percent of the company, SBI Life Insurance had a 1.94 percent stake, and Goldman Sachs India Equity Portfolio owned 1.09 percent.

Nexus Ventures is another significant shareholder, holding a combined 20 percent stake through Nexus Ventures III Limited (15.89 percent) and Nexus Opportunity Fund II LTD (5.43 percent). Before this decline, the stock had surged 60 percent from its IPO price of Rs 493.

At about 12:05 am, shares of the company were trading at Rs 741, down 6.3 percent from the last close on the NSE. India Shelter Finance Corporation's stock price has gained 30 percent since the start of the year.

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