Block deal impact: Aditya Birla Fashion plunges 8%, Alkem Labs drops 2.4%, Tata Technologies falls 2.5%, Indegene tumbles 4.7%

Markets are abuzz with block deals since start of May. After witnessing block deals worth over ₹50,000 crore in the previous month, as many as four block deals worth ₹3,480 crore took place in trade on Wednesday June 4, according to multiple media reports. Tata Technologies, Aditya Birla Fashion and Retail (ABFRL), Alkem Labs and Indegene saw large number of shares change hands on the stock exchanges.

Tata Technologies block deal

Tata Technologies shares fell as much as 2.5% to hit an intraday low of ₹748.30 on the BSE. As per a report by CNBC TV18, TPG Rise likely sold its entire 2% stake (85.16 lakh shares) in the Tata Group firm worth ₹635 crore via block deals today.

The floor price for the deal was fixed at ₹744.5 per share and Bank of America (BofA) is likely be the broker for the deal, the report added.

Trading volumes in Tata Technologies shares spiked by 1.6 times to 43.17 lakh shares against an average trading volume of 28.57 lakh shares.

Aditya Birla Fashion and Retail block deal

Aditya Birla Fashion and Retail Limited (ABFRL) shares were locked in 10% lower circuit at ₹77.39 on the BSE as reports suggested that Flipkart likely sold shares worth ₹600 crore in trade on Wednesday, June 4.

Trading volumes in ABFRL shares saw a huge spike as 16.20 crore shares changed hands on the National Stock Exchange against an average trading volume of 85.47 lakh shares.

Goldman Sachs is reported to act as the broker to the deal.

Alkem Labs block deal

Shares of Alkem Labs fell as much as 2.4% to hit an intraday low of ₹4,900 on the National Stocx Exchange. As per reports, the company's promoter Jayanti Sinha likely sold 1.42% stake via a block deal today. The deal is valued at around ₹825 crore.

Trading volumes in Alkem Labs shares spiked as a total of 18.20 lakh shares changed hands on the BSE.

Indegene block deal

Indegene shares fell as much as 4.67% to hit an intraday low of ₹590.70 on the National Stock Exchange. As per reports CA Dawn likely sold 10.2% stake in the company worth ₹1,420 crore via block deals on Wednesday.

Trading volume in Indegene shares spiked by more than 100 times as 3.50 crore shares changed hands on the National Stock Exchange against an average trading volume of 3.41 lakh shares.

This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.