Nuvama slips 5% after 3.6 mn shares change hands on NSE, 0.39 mn on BSE

Nuvama Wealth Management shares lost 5.4 per cent in trade on Thursday and logged an intraday low of Rs 6,901 per share on BSE. The weakness in the stock came after counter saw heavy volumes.

 

Around 9:40 AM, 3.64 million shares changed hands on the National Stock Exchange (NSE) and 0.39 million shares changed hands on the BSE. Meanwhile, Nuvama share price was down 4.83 per cent at Rs 6,944.95 per share on BSE. In comparison, BSE Sensex was up 0.15 per cent at 81,647.16. 

 

The 52-week high of the stock was at Rs 7,647.95 per share and 52-week low of the stock stood at Rs 3,172.85 per share.

 

As per reports, two Edelweiss group entities, namely E Cap Equities and Edel Finance Company were likely to offload a 7.1 per cent stake in Nuvama Wealth management via block deals. The deal's floor price was set at Rs 1,734 per share. 

 

In the quarter that ended September 30, 2024, Ecap Equities Limited held a 3.58 per cent stake in the company while Edel Finance Company held a 3.74 per cent stake. 

 

Nuvama Wealth is a wealth management firm in India that caters primarily to affluent and high-net-worth individuals (HNI). It offers a wide range of financial services, including wealth and asset management, equity trading, mutual funds, and more. 

 

Originally part of Edelweiss Financial Services, Nuvama was rebranded following a majority stake acquisition by PAG, an Asia-focused investment firm. 

 

Its offerings include wealth and asset management, equity and commodity trading, mutual funds, and private equity solutions. The firm blends technology-driven platforms with personalised advisory services to deliver tailored investment strategies. 

 

The company also emphasises client education, offering webinars, tutorials, and market insights to enhance financial literacy. 

 

The company meets the specialised needs of a diversified client base comprising salaried and affluent individuals, small business owners, entrepreneurs, promoters, corporates, and institutional investors.

 

In the past one year, Nuvama shares have gained 123 per cent against Sensex's rise of 17 per cent.