Shares of Polycab India Ltd fell 5% on Friday amid reports of a block deal on the counter of the wires and cables manufacturer. Polycab India stock saw 40.5 lakh shares or 2.74% of the overall equity changing hands in the block deal, said reports. The block deal was done at an average price of Rs 6,708 per share. The transaction value was around Rs 2,716.5 crore.
Buyers and sellers in the deal were not immediately known.
Reacting to the block deal, the stock fell 5% intra day to Rs 6636.45 on BSE. Total 10.97 lakh shares of the firm changed hands amounting to a high turnover of Rs 734.76 crore on BSE. Market cap of the firm fell to Rs 1.01 lakh crore in the current trading session. Later, the FMEG stock closed 3.63% lower at Rs 6735.90 on BSE.
Polycab India has a one-year beta of 0.6, indicating very low volatility during the period. Polycab India shares stand lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages.
The fast moving electric goods (FMEG) stock is neither overbought nor oversold on charts, indicates its RSI at 56.
The multibagger stock has gained 200% in two years and risen 86% in a year. Promoters of the FMEG firm likely sold some of their stake via the block deal today. As of the March-end quarter, promoters of Polycab had a 65.24% stake in the company.
Polycab India is the country's largest manufacturer of wires and cables. The company's business operations span across India through 23 manufacturing facilities, 15 plus offices and 25 plus warehouses.