HDFC AMC Shares Fall As 5% Equity Changes Hands

Shares of HDFC Asset Management Co. dropped as much as 6.6%, the most since April 12, after two large trades.

About 1.07 crore shares, or 5% equity, changed hands in two bunched trades during the opening trade, according to Bloomberg data.

While the buyers and sellers were not immediately known, Bloomberg had reported that Standard Life Investments Ltd. is offering to sell around 1.07 crore shares in HDFC AMC in an accelerated placement.

Bloomberg, citing terms of the deal obtained by it, said shares were offered with a floor price of Rs 2,870 apiece, a 6.7% discount to Tuesday's close. The total value of the deal is said to be nearly Rs 3,050 crore.

Shares of HDFC AMC fell as much as 6.6% to Rs 2,871.05 on the BSE in early trading against the S&P BSE Sensex's 0.5% decline. The scrip was the worst performer on BSE 500 and Nifty 500 as it declined for the fourth session.

It was the most traded stock on the bourses by value as of 10 a.m., with trading volume greater than 30 times its three-month full-day average.

Of the 24 analysts tracking the company, 13 have a ‘buy’ rating, nine suggest a ‘hold’ and two recommend a ‘sell’, according to Bloomberg data. The average of 12-month consensus price targets implies an upside of 9.9%.

The stock has gained 1% so far this year compared with the Sensex's 25.2% advance.