Stock Market Today: Jyoti CNC Automation share price declined more than 4% in the morning trades on Monday. The news flow remained strong around a large block deal.
Block Deal News
News reports suggested that around 6.06 percent equity, or 1.37 crore shares of Jyoti CNC Automation, was traded through the block deal route for ₹1,499 crore. The reports suggested that shares were exchanged at ₹1,087 per share. Since the closing price of Jyoti CNC Automations stood at ₹1124 on the BSE at the end of the previous trading session, i.e., Friday, the block deal price implied a 3.7 percent discount from the previous session’s closing price.
As per CNBC TV 18 news reports on Friday, certain non-promoter shareholders of Jyoti CNC were set to divest a 6% stake in the company through block deals, with the total deal size pegged at ₹1,542 crore.
In the context of the same news, CNBC TV 18 on Monday said that, based on available data, the block deal involved the transfer of up to 1.37 crore shares of the company. The quantity of shares that were exchanged represents 6.06% of Jyoti CNC’s total outstanding stock.
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