Nuvama Wealth shares fall over 6% after block deal worth ₹2,100 crore; check details

The details of the buyers and the sellers in the block deal were not known immediately. However, reports suggested that two Edelweiss group entities— Ecap Equities and Edel Finance Company— sold over 30 lakh shares, representing around 8.4% of equity stake, of Nuvama Wealth in block deals on Thursday.

The reports mentioned that the average selling price was ₹7,025 per share, around 4% discount to Wednesday’s close of ₹7,297.35 on NSE.

According to NSE data, more than 39 lakh shares of Nuvama Wealth traded on the bourse on Thursday. The traded value stood at ₹2,732.55 crore.

Shares of Nuvama Wealth Management dropped over 6% to an intraday low of ₹6,825 per share on NSE amid the block deals. The stock later recovered some of the early losses to trade 5.90% lower at ₹6,866 per share on NSE at 11: 30 am.

The stock hit its 52-week high of ₹7,648 on Wednesday, December 11, 2024. It has rallied around 90% in 2024 so far. The stock traded at a 52-week high of ₹3,170.70 on February 6, 2024.

The two Edelweiss group entities had earlier in September sold around 6.2% stake in Nuvama Wealth through block deals.

As of September 30, 2024, Edel Finance Company had a 3.74% stake in Nuvama Wealth, while Ecap Equities had a 3.58% stake. Their stakes in Nuvama Wealth were 5.18% and 8.44%, respectively, as of the June quarter.

Edelweiss Group Chairman Rashesh Shah sold 4 lakh shares of the company for ₹248 crore in August 2024. Another investor, Venkatchalam Ramaswamy, also pared his stakeholdings in Nuvama Wealth earlier.

As of September quarter, Shah held a 2.49% equity in Nuvama Wealth Management, earlier known as Edelweiss Wealth Management. Venkatchalam A Ramaswamy had a 1.31% stake.