AAVAS Financiers gains 6% in two days after stake sale by AU Small Fin Bank

Despite the gains over the past 2 sessions, the stock of AAVAS Financiers has underperformed the market by gaining 7 per cent in the past 3 months relative to a 14.4-per cent rally in the S&P Sensex

Shares of AAVAS Financiers were up 3 per cent at Rs 1,577 on the BSE in the intra-day trade on Tuesday, gaining 6 per cent in the past two trading days, after AU Small Finance Bank sold nearly its entire stake in the housing finance company via open market.

On Monday, November 23, AU Small Finance Bank sold 3.5 million shares, representing 4.5 of total equity of AAVAS Financiers, according to BSE bulk deals' data. The value of these shares, at Rs 1,515.2 a piece was Rs 530.3 crore. AU SFB held 3.58 million equity shares or 4.57 per cent stake