Mahindra CIE stock price up by more than 5% today

24 May 2023 , 12:12 PM

Shares of Mahindra CIE Automotive Ltd rose over 4% on Wednesday following a massive block deal in which around 12.2 million shares, or 3.2% stake in the company, changed hands in a series of trades. It is likely that Mahindra & Mahindra sold its 3.2% stake in the company, in this transaction. 

At around 12.05 PM, Mahindra CIE was trading 4.60% higher at Rs 473.70, against the previous close of Rs 452.85 on NSE. The counter hit a new 52-week high of Rs 493.65.

Mahindra & Mahindra already offloaded a 6.05% equity stake in Mahindra CIE Automotive via a block deal in March. The company offloaded these shares at a gross price of Rs 357.39 per unit, representing a nearly 11% discount from the previous close. Following the sale, Mahindra & Mahindra’s stake in Mahindra CIE Automotive decreased to 3.19% from 9.25%.

For feedback and suggestions, write to us at [e-mail]