Shares of Aavas Financiers plummeted around 8 percent in early trade on March 5 to hit a 52-week low of Rs 1,321 after a large block deal worth Rs 1,419.30 crore took place on the exchanges.
Around 1.03 crore shares, representing 13.1 percent equity, changed hands in a large deal on the exchanges. Moneycontrol could not immediately identify the buyers and sellers involved in the transaction.
The block deal also led to a spike in volumes in the counter as one crore shares changed hands so far, significantly higher than the one-month daily traded average of two lakh shares.
At 11.13, shares of Aavas Financiers, though off the day's lows, were trading around 5 percent lower at Rs 1,362 on the NSE.
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Shares of Aavas Financiers had risen in early February after finance minister Nirmala Sitharaman announced a massive housing push in the interim budget 2024.
The government's plan to launch a scheme to build two crore houses in the next five years under the Pradhan Mantri Awas Yojana (Grameen) is seen as a growth driver for the company.
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