SBI cards down 5% as more than 3% of shares changed hands across block trades on NSE

Shares of SBI Cards and Payment Services fell 5 per cent to 836 rupees on the National Stock Exchange (NSE) in Tuesday’s trading after more than 3 per cent of the company’s shares were traded on the counter via block deals.

As of 09:21 a.m. exchange data showed that about 31.9 million shares, representing 3.37 percent of SBI Cards’ shares, were traded on the NSE exchange. The names of buyers and sellers were not immediately confirmed.

According to reports, the private equity firm Carlyle Group was set to sell its entire stake in the company for up to Rs 2,558 crore via block trading. CA Rover Holdings, a Carlyle entity, as of the December quarter of 2021, owns 29.20 million shares, or 3.09 percent of SBI Cards’ stock. The shares were to be offered at Rs 851.50-876.75 a piece, which is a discount of around 3 per cent to Monday’s closing price.

Earlier on September 21, 2021, CA Rover Holdings sold 32 million shares of the stock, or 3.4 per cent of SBI cards, at an average price of 1,021 rupees per share in the NSE, the data shows.

Meanwhile, SBI cards have underperformed the market by dropping 23 percent in the past six months, compared to a 1.5 percent rise in the Nifty50. However, in the past month, the stock outperformed its 14 percent rise versus a 12 percent rise in the benchmark. The stock hit a 52-week low of Rs 712.25 on March 7, 2022.

At 09:35 am SBI cards were trading down 3 per cent at Rs847.85, compared to a 0.2 per cent drop on the Nifty50 index.

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