HDFC AMC shares post biggest single day gain on record after Abrdn sells 10.2% stake via block deal

Shares of HDFC AMC changed hands in a block deal on Tuesday. As many as 2.18 crore shares equivalent to 10.2 percent equity changed hands. Abrdn is the seller in the block deal.

The shares of HDFC AMC jumped 12 percent on Tuesday after the block deal, reversing losses from the previous session, posting the biggest single day gain on record. HDFC AMC shares are down 3.7 percent on a year-to-date basis. On Monday, the stock closed below levels of Rs 1,900 for the first time since May 29 this year.

CNBC-TV18 on Monday reported that the UK-based Abrdn Investment Management will  sell its entire 10.2 percent holdings in HDFC AMC via block deals on Tuesday. The floor price for the sale has been fixed at Rs 1800-1892 per equity share, a five percent discount to the stock's closing price.