IDFC First Bank shares tumble 5% as 1.96% equity changes hands in block deal, Cloverdell likely seller

Shares of IDFC First Bank plunged up to 5% on Thursday after nearly 1.96% of the private lender’s equity worth ₹1,135 crore was traded in a large deal.

As per exchange filings, around 13.2 crore shares representing 1.96% stake were sold in a block deal by undisclosed participants. Following this, IDFC First stock hit an intraday low of ₹86.05 apiece, down 4.83% during the session.

The trading volumes in the counter swelled to 13.92 crore shares compared to the two-week average of 32.63 lakh shares. IDFC First stock had risen 6% over the past 5 days amid a broader rally. But it still trades 14% off its 52-week peak of ₹100.74 recorded in September 2022.

Reports suggest Warburg Pincus may have trimmed its holdings via this deal after recently exiting CAMS. The PE investor was likely targeting gains by capitalizing on the ongoing market momentum.

At 10:13 AM, IDFC First Bank traded 3.61% lower at ₹87.16 as the block deal weighed on overall sentiment. The lender’s promoter IDFC Financial Holdings owns 37.51% stake while public shareholders account for 62.49% equity.