Adani Transmission plunges 6% as 3.45% equity changes hands in large deal

Shares of Adani Transmission slumped 6 percent in early trade on June 30 after a 3.45 percent stake in the company changed hands in a large deal on the exchanges.

Around 3.8 crore shares representing a 3.45 percent stake in Adani Transmission was involved in a large deal on the exchanges. The total transaction was worth Rs 3,103 crore.

At 09.48 am, shares of Adani Transmission were trading 5.4 percent lower at Rs 775 on the National Stock Exchange. The large deal also lifted volumes in the counter as four crore shares changed hands on the exchanges as against the one-month daily traded average of 37 lakh shares.

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The large deal in Adani Transmission comes after similar stake sales took place in two other group companies- Adani Enterprises and Adani Green Energy on June 28. Promoter group, the SB Adani Family Trust sold 1.8 crore equity shares or 1.57 percent stake in the Adani Enterprises on June 28 at an average price of Rs 2,300 per share. The deal made Rs 4,140 crore for the SB Adani Family Trust.

Another deal also took place in Adani Green Energy where promoter entity Infinite Trade and Investment sold 4.6 crore shares or 2.9 percent stake. The average selling price was Rs 920.03 per share, taking the total transaction value at Rs 4,232.13 crore.

However, a part of these stakes were bought by US-headquartered investment firm GQG Partners.

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