Bandhan Bank tumbles 12% as 21% equity changes hands via block deal

Blooomberg had reported recently that Bandhan Bank's main shareholder Bandhan Financial Holdings was looking to sell 337.4 million shares in a block trade today, seeking to raise $1.4 billion

Shares of Bandhan Bank tumbled 12 per cent per cent to Rs 304.2 on the BSE on Monday after nearly 21 per cent of the bank's equity changed hand on the NSE and BSE via block deals. At 9:38 am, the stock was trading 8.4 per cent lower on the BSE at Rs 316 apiece, as against 280 points, or 0.74 per cent, decline in the S&P BSE Sensex. 

Approximately 337 million shares, representing 20.95 per cent equity of the bank and worth Rs 10,482 crore, changed hands on the counter at around 9:15 am on the BSE and NSE.