Development Credit Bank hits 52-week high on heavy volumes

A combined 17.16 million shares representing 6.87% of total equity of private sector bank have changed hands on BSE and NSE.

Development Credit Bank has soared almost 18% to Rs 54.70, also its 52-week high, on back of heavy volumes.

The stock opened at Rs 46.70 and hit a low of Rs 46 on BSE. A combined 17.16 million shares representing 6.87% of total equity of private sector bank have changed hands on the counter till 1459 hours on BSE and NSE.

According to market reports, around 7.2 million shares changed hands in a block deal.

As of March 31, 2013, Al Bateen Investment Co L.L.C held 7.40 million or 2.95% stake in the company, the shareholding pattern data shows.