Aavas Financiers Plunges 8% to 52-Week Low Post ₹1,419.30 Crore Block Deal

5 Mar 2024 , 02:59 PM

Aavas Financiers shares dropped by around 8% to reach a 52-week low of ₹1,321 in early trade on March 5, following a significant block deal valued at ₹1,419.30 Crore.

In the block deal, approximately 1.03 Crore shares, representing 13.1% equity, changed hands, causing a notable increase in trading volume compared to the one-month daily average. The identity of the buyers and sellers in the block deal is not immediately discernible.

At the time of writing, Aavas Financiers shares, although recovering from the day’s low, are still trading about 4.56% lower at ₹1,366.25 on the NSE.

Earlier in February, Aavas Financiers experienced a rise in shares after the Finance Minister’s announcement of a substantial housing initiative in the interim budget 2024. The government’s plan to construct two Crore houses in the next five years under the Pradhan Mantri Awas Yojana (Grameen) is considered a growth driver for Aavas Financiers.

Aavas Financiers, based in Jaipur, is a housing finance company specializing in providing home loans in rural and semi-urban areas of India. It is registered with the National Housing Bank as a Housing Finance Company, obtaining its license in August 2011.

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