SBI Cards share price today: Stocks decline by over 6% on block deal news; Check how SBI and SBI Life shares fared in early trade

SBI Cards shares declined by over six per cent to Rs 985 per, which is also a day’s low level, on the BSE intraday trade on Friday. In an apparent SBI Card block deal, six crore shares i.e. 6.4 per cent equity worth Rs 5,954 crore trade in multiple blocks at an average price of Rs 1,000 per share.

The stock has been trading above Rs 1050 per share levels in five days: PTI

SBI Cards shares declined by over six per cent to Rs 985 per, which is also a day’s low level, on the BSE intraday trade on Friday. In an apparent SBI Card block deal, six crore shares i.e. 6.4 per cent equity worth Rs 5,954 crore trade in multiple blocks at an average price of Rs 1,000 per share.

Carlyle Group’s private major equity arm CA Hover Holding is selling up to a 5.1 per cent stake in SBI Cards and Payment Services for about Rs 5000 crore (around $682 million) through block deals.

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This is the second block deal in SBI Cards in 2021, as Carlyle's arm, in March, had sold around 4 per cent for Rs 1000 crore in the company. The private equity firm is the largest non-promoting shareholder in SBI Cards with 11.6 per cent.

The Carlyle Group had bought around 26 per cent of the unlisted SBI Cards from GE Capital, however, it had sold 10 per cent during the initial public offering in March 2020.

At around 10:30 pm, the stock was trading around five and a half per cent to Rs 993.45 per share on the BSE today. In the last five sessions, the stock has been trading above Rs 1050 per share levels, however, declined on the back of block deal news.

Meanwhile, other SBI group stocks such as SBI and SBI Life are as well trading at the day’s low level. The former slipped by three per cent to Rs 407.5 per share, while the latter dipped by around two per cent to Rs 407.5 per share on the BSE today.

SBI in the last five sessions were trading above Rs 420 per share levels, where SBI life briefly above Rs 980 per share levels.

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