Lodha Developers, Oberoi Realty shares fall amid reports of block deals; check details

Shares of the Mumbai-based real estate developers Lodha Developers and Oberoi Realty came under selling pressure on Wednesday, July 23, on the back of higher than usual trading volumes.

Meanwhile, a CNBC TV18 report suggested that existing investors of Oberoi Realty are likely to sell 3% stake in the company via block deal.

Shares of Oberoi Realty declined as much as 4.08% to hit an intraday low of ₹1,751.

Floor price of the deal was set 4% lower than Tuesday's closing price.

Oberoi Realty shares were witnessing higher than usual trading volumes as trading volumes jumped by 4.5 times to 20.83 lakh shares compared with an average trading volume of 4.66 lakh shares.

On the BSE, 1.17 crore shares changed hands compared with an average of 10,000 shares traded daily in the past two weeks.

At the end of June quarter, promoters held 67.70% stake in the company.

Report further stated that promoters of Lodha Developers were also looking at selling 1% in the company via block deal. The deal is reportedly worth $165 million, with a floor price of ₹1,384.6 per share.

Trading volumes in Lodha Developers shares spiked by 21.7 times to 1.4 crore shares against an average trading volume of 6.46 lakh shares.

On the BSE, 15.73 lakh shares changed hands as against an average of 19,000 shares traded daily in the past two weeks.

At the end of June quarter promoter group held 71.90% stake in the company.

Shares of Lodha Developers fell as much as 6.69% to hit an intraday low of ₹1,346.50.