SBI Card slides after CA Rover pares stake

SBI Cards and Payment Services fell 1.08% to Rs 1058.95 after CA Rover Holdings on Tuesday sold 3.20 crore shares, or 3.4% equity, of the company through multiple bulk deals on the National Stock Exchange.

As per the bulk deals data on the NSE, CA Rover Holdings on Tuesday (21 September 2021) sold 1.60 crore shares (1.7% equity) of SBI Cards and Payment Services (SBI Card) at Rs 1021.25 each. It sold another 1.60 crore shares of the company at Rs 1021.01 each.

As of 30 June 2021, CA Rover Holdings held a 6.50% stake in the credit cards company.

In another transaction, Societe Generale bought 85.06 lakh shares (0.90% equity) of SBI Card at Rs 1,021 each through a bulk deal on the NSE.

The SBI Card stock has fallen 1.79% in four straight sessions. The stock hit a record high of Rs 1,164.65 on 1 September 2021. It has risen 38.84% from its 52-week low of Rs 762.70 hit on 23 October 2020.

In the past one month, the stock has risen 5.65% as against 6.78% rise in the Sensex. It has jumped 30.38% in the past one year compared with 56.57% surge in the Sensex.

SBI Card posted a 22.6% fall in standalone net profit to Rs 304.61 crore on 11.6% rise in total income to Rs 2,450.94 crore in Q1 FY22 over Q1 FY21.

SBI Card is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.

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