IT stock FALLS by over 6% in one week post-Rs 1076 crore block deal - Do you own?
it stock falls by over 6% in one week post-rs 1076 crore block deal - do you own?
Shares of Happiest Minds Technologies Limited are in focus after the IT company's stock dipped by over 9.47 percent to Rs 830.20 on Tuesday, leaving investors stressed.
Why Happiest Minds shares dipped?
Shares of Happiest Minds fell over 9.47 percent to Rs 830.20 on BSE as in the block deal, 8.3 percent of shares of company were sold for Rs 1,076 crore. Within this, Happiest Minds' market cap also fell to Rs. 12567 crores.
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125.32 lakh shares of the business were exchanged during the current session which resulted in a total transaction of Rs 1049.42 crore.
Surprisingly, the person selling and buying such a big number of shares through the block sale has not been recognised.
According to an ET report, promoter Ashok Soota will likely sell a 6% share in the company via a block deal.
Additionally, as per BSE shareholding statistics, Ashok Soota held a 38.34% interest, or 5.83 crore shares, in the company as of March 31, 2024. On March 28, 2024, the share price reached a 52-week low of Rs 738.05, while on July 17, 2023, it reached a 52-week high of Rs 1019.40.
Apart from this, Happiest Minds has a beta of 0.6, which shows little volatility over one year. The stock's relative strength index (RSI) is 70.9, which reflects that it is overbought.
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Happiest Minds share price history
Happiest Minds shares have been declining for the past year. Furthermore, the IT stock has plummeted by more than 12% in the last one year as per BSE data.
Those who invested in Happiest Minds six months ago have also suffered losses. So far this year, the stock has declined by over 8 percent and has dipped by over 6 per cent in the last one week according to BSE analytics as of June 26.
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Happiest Minds share price today
On Wednesday, the shares of Happiest Minds closed at Rs 828.55 per share, 0.23% lower than the previous close of Rs 830.45 per share on BSE.