Large Trades Hit Delhivery, Cyient DLM's Market Cap By Nearly Rs 670 Crore
Three other companies added a total of nearly Rs 12,000 crore to their market caps.
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Two companies—Delhivery Ltd. and Cyient DLM Ltd.—saw significant declines in their market capitalisation on Wednesday following large trades on the National Stock Exchange.
Together, the two companies lost nearly Rs 670 crore, with no immediate information on the buyers.
Delhivery had 8.79 million shares traded at Rs 438.95 each, totalling Rs 385.80 crore. This resulted in a decrease of Rs 573.33 crore in the company’s market capital. Bloomberg reported that this accounts for 1.2% of Delhivery’s equity.
Cyient DLM faced a similar setback, where Rs 96.75 crore was pulled off its market cap. The parent company, Cyient Ltd., approved the sale of a 14.5% stake in its subsidiary through a bulk deal mechanism.
This trade involved the offloading of 1.14 crore shares, amounting to Rs 2,225 crore based on the closing price of Rs 1,934.8 per share on Tuesday. According to Bloomberg, the proceeds from this sale will be used for capital requirements, including investments in the semiconductor business and the retirement of Cyient's debts.
Three other companies added to their market caps following Wednesday’s large trades.
Adani Wilmar Ltd. added Rs 4,646.35 crore to its market cap after 26 lakh shares were traded in a block deal. Out of these, 23 lakh shares worth Rs 90.09 crore changed hands on the NSE. A total of 3 lakh shares worth Rs 11.66 crore changed hands on the BSE.
FSN E-Commerce Ventures Ltd. Nykaa saw an increase of Rs 5,187.46 crore in its market cap following a block deal on the NSE, where 41.4 lakh shares worth Rs 91.15 crore were traded.
PNB Housing Finance Ltd. added Rs 2,128.09 crore to its market cap after at least 1.39 crore shares, or 5% equity in the company, changed hands on the BSE on Wednesday, according to Bloomberg.
The buyers for these trades were not immediately known.
Shares of Delhivery and Cyient DLM closed 1.78% and 1.55% lower compared to a 0.29% advance in the NSE Nifty 50. Each of the three companies that added to their market caps closed nearly 10% higher.
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