Retail interest soars in SIB, 20.5 million shares transacted today

Hectic trading continues in the shares of South Indian Bank [SIB] as a follow on of last week and the price peaked to an all time high of Rs 35.05, today.  The market today opened today with a promising tag of Rs 34 per share, having a face value of Rs 1. The market today closed at Rs 34.35, up 5.53% from the closing rate on 4th of this month.

According to information available roughly 20.7  million shares were exchanged hands today. At NSE alone 20.2 million shares were transacted.  A top source of the bank told Business Standard that today’s is perhaps one of the largest daily volumes transacted in recent times.

According to him major chunk of today’s deals was because of the retail interests in stock  thanks to reports on  the  bulk purchases in last week. Mohnish Pabrai, a leading US based fund manager, had  bought   19.6 million  shares of the bank last week.  

Pabrai has bought 196,06,634  shares  through his Pabrai Investment Fund at a price of Rs. 32.50 each. Hectic trading was on for the last week also and roughly 40 million shares were exchanged hands. This triggered fresh enthusiasm in the share  as there are heavy rumours about the possible acquisition by big bank/group.