Akzo Nobel shares drop 15% after major block deal
pre-market1 source ↓written by the desknot a recommendation
- on Wednesday
- 15%
- offloaded
- 48.8 lakh shares
- of its stake
- 9%
- valued at approximately
- ₹1,290.6 cr
- intraday low
- ₹3,080
Shares of Akzo Nobel India fell 15% on Wednesday after Imperial Chemical Industries offloaded 48.8 lakh shares, nearly 9% of its stake, in a block deal valued at approximately ₹1,290.6 cr. The stock hit an intraday low of ₹3,080, trading at ₹3,157, reflecting a 13% decline from the previous close. The deal was executed at a floor price of ₹3,150, a 13.1% discount to the last closing price.
This significant selling pressure may impact investor sentiment and trading activity in the stock moving forward.
Not investment advice. For informational purposes only.