Aptus Value Housing Finance sinks 7% after large trade worth Rs 234 crore

Shares of Aptus Value Housing Finance India declined over 7 percent to Rs 246 on the BSE on June 21 after a large trade in the stock.

Bloomberg data shows that 90.5 lakh shares of the housing finance company changed hands on Wednesday, amounting to 1.8 percent equity stake worth Rs 234 crore. The trade happened at an average of Rs 250 per share. The price was significantly lower than the previous closing price and thus led to selloff.

It was not immediately known who the buyers and sellers were.

The stock has not performed well in the near past. It has delivered a negative return of 18.65 percent in the current year so far. It was listed on exchanges last year at an issue price of Rs 353, much higher than the prevailing rate today.

Axis Securities has a ‘buy’ rating on the stock with the target price at Rs 303 as it believes the company is on a long growth runway. The company boasts of best-in-class returns on assets and improved asset quality, it said.

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Aptus Value Housing is a retail-focused housing finance company primarily serving low and middle-income self-employed customers in the rural and semi-urban markets of India. It is predominantly present in the southern states of Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka with operations mainly concentrated in Tamil Nadu and Andhra Pradesh, which collectively contribute 78 percent of the AUM.

ICICI Securities also has a ‘buy’ rating on the counter as it highlights stable management and tight control on asset quality that will likely drive earnings. It has a target price of Rs 325 on the stock.

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