Aster DM shares fall 7% after PE firm Olympus likely offloaded 10% stake via block deal
Aster DM shares were trading amid strong volumes with nearly 59 lakh shares being traded on the NSE around 10:45 am and the total traded value of the shares standing at Rs 242.50 crore.
By Shivendra Kumar, ETMarkets.com |
Agencies
Shares of Aster DM Healthcare fell 7% on Wednesday to the day's low of Rs 407.10 on the NSE after the company reported a block deal where 5.1 crore shares, which represent a 10.1% stake, reportedly have changed hands.
The details of the buyers and sellers were not known at the time of filing the story but according to a moneycontrol.com report, equity firm Olympus was looking to sell nearly 10% of its stake in Aster DM Healthcare through a block deal.
The report further pegged the deal size at Rs 2,070 crore.
As per the BSE shareholding data, Olympus held an 18.96% stake (9.47 crore) at the end of the December quarter.
The stock was trading amid strong volumes with nearly 59 lakh shares being traded on the NSE around 10:45 am and the total traded value of the shares standing at Rs 242.50 crore.
The for-profit multinational hospital network has its headquarters stationed in the United Arab Emirates (UAE) and was founded by Founder Chairman and Managing Director Azad Moopen.
On February 28, the stock hit its 52-week high of Rs 495.90. It is currently trading above its 200-day simple moving average, though it remains below its 50-day SMA.
Momentum indicators RSI and MFI are in a medium range of 47.6 and 37.2, according to Trendlyne data. A number above 70 is considered to be overbought while below 30 is taken as oversold.
The stock has exhibited a stable trade with its 1-year beta at 0.3. Beta is a measure of the stock's volatility and a stock with a beta greater than 1 is considered to be volatile.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The details of the buyers and sellers were not known at the time of filing the story but according to a moneycontrol.com report, equity firm Olympus was looking to sell nearly 10% of its stake in Aster DM Healthcare through a block deal.
The report further pegged the deal size at Rs 2,070 crore.
As per the BSE shareholding data, Olympus held an 18.96% stake (9.47 crore) at the end of the December quarter.
The stock was trading amid strong volumes with nearly 59 lakh shares being traded on the NSE around 10:45 am and the total traded value of the shares standing at Rs 242.50 crore.
The for-profit multinational hospital network has its headquarters stationed in the United Arab Emirates (UAE) and was founded by Founder Chairman and Managing Director Azad Moopen.
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Aster DM has given returns of over 70% in the past 12 months which are higher than the returns delivered by the sector index Nifty Healthcare. The latter has given returns of 59% during this period. Aster DM's returns also dwarf returns of nearly 30% given by the broader Nifty. On February 28, the stock hit its 52-week high of Rs 495.90. It is currently trading above its 200-day simple moving average, though it remains below its 50-day SMA.
Momentum indicators RSI and MFI are in a medium range of 47.6 and 37.2, according to Trendlyne data. A number above 70 is considered to be overbought while below 30 is taken as oversold.
The stock has exhibited a stable trade with its 1-year beta at 0.3. Beta is a measure of the stock's volatility and a stock with a beta greater than 1 is considered to be volatile.
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Also Read: CDSL shares drop 6% after Standard Chartered likely exits in Rs 1,250-crore block deal(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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