Nuvama Wealth Management Shares Tumble Down More Than 6% On NSE After 8.4% Equity Worth ₹2,735 Crore Changes Hands

Nuvama wealth management shares tumbled down almost 7 per cent on the NSE (National Stock Exchange), after shares worth Rs 2,732.55 changed hands in the block deal in the morning session.

The shares of Nuvama Wealth Management went on to touch the day low level of Rs 6,825.00 per share on the NSE (National Stock Exchange), dafter hitting the opening bell at Rs 7,047.35 per share, the stock declining 3.42 per cent at the opening bell level.

Nuvama Wealth Management share were currently trading at Rs 6,918.35 per share on the bourses, with a decline of 4.19 per cent on amounting to Rs 379.00 per share on the NSE (National Stock Exchange).

Block deal details

The block deal's buyers and sellers' specifics were not immediately known. But according to reports, on Thursday, two Edelweiss group companies, Ecap Equities and Edel Finance Company, sold more than 30 lakh shares of Nuvama Wealth in block deals, which amounts to about 8.4 per cent of the company's equity stake.

According to the reports, the average selling price was Rs 7,025 per share, which was about 4 per cent less than the NSE close of Rs 7,297.35 on Wednesday.

NSE data indicates that on Thursday, over 39 lakh shares of Nuvama Wealth were traded on the exchange. The amount that was traded was Rs 2,732.55 crore.

Shareholding pattern as of 30 september

Ecap Equities held a 3.58 per cent stake in Nuvama Wealth as of September 30, 2024, while Edel Finance Company held a 3.74 per cent stake. As of the June quarter, they held 5.18 per cent and 8.44 per cent of Nuvama Wealth, respectively.

In August 2024, Rashesh Shah, the chairman of the Edelweiss Group, sold 4 lakh shares of the company for Rs 248 crore. Venkatchalam Ramaswamy, another investor, previously reduced his holdings in Nuvama Wealth.