SBI Cards Shares Fall The Most In Three Months As 3.4% Equity Changes Hands

SBI Cards and Payment Services Ltd.'s stock fell the most in nearly three months after 3.2 crore shares changed hands in a bunched trade on the National Stock Exchange.

While the buyers and sellers weren't immediately known, the transactions took place after a Carlyle Group entity, CA Rover Holdings, sold the same amount of shares—about 3.4% stake worth over Rs 3,200 crore—through a block trade, Bloomberg reported.

Shares were being offered at Rs 1,021 to Rs 1,072.3 apiece, the report said, citing terms of the deal.

The Carlyle subsidiary had already sold 5.1% stake in SBI Cards for Rs 4,810 crore in June. The paring comes after SBI Cards’ IPO in March 2020.

The stock was the most-traded on the bourses by and the second-most by volume. It lost as much as 5.6% to Rs 1,012 apiece, making it the second worst performer among Nifty 100 as of 11:00 a.m. This is the second day the stock has dropped.

The counter was trading at 17.5 times the three-month average volume. Of the 18 analysts tracking the company, 17 have a ‘buy’ rating and one suggests a ‘hold’, according to Bloomberg data. The average of 12-month consensus price targets implies an upside of 14.7%.