Spandana Sphoorty trades 2% down after Rs 276-crore block deals

A total of 35.8 lakh shares, representing 5.5 percent equity capital, changed hands in the block deal window.

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Shares of Spandana Sphoorty Financial Ltd dropped over 2 percent in the morning trade on August 30 after shares worth Rs 275.8 crore changed hands in block deals.

At 9.55am, shares of the microfinance company were trading 2.68 percent, down at Rs 799.20 on the BSE.

A total of 35.8 lakh shares, representing 5.5 percent equity capital, changed hands in the block deal window, as per data from the exchanges. The buyers and sellers involved in the transactions could not be identified immediately.

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Last month, Spandana Sphoorty Financial had reported a profit after tax (PAT) of Rs 119 crore for Q1 FY24, against a loss of Rs 220 crore during the corresponding quarter last fiscal year.

Its total income jumped 104 percent YoY to Rs 527 crore during Q1 FY24 from Rs 259 crore earlier. Assets under management (AUM) grew 60 percent to Rs 8,848 crore.

In June this year, Spandana Sphoorty had dismissed news reports of Yes Bank picking up a stake in the company.

The Hyderabad-based firm had said its board and promoters remain committed to delivering the business plan under its ‘Vision 2025’, which was approved by the board in July last year.

Shares of the company are up nearly 38 percent on YTD basis, while the 1-year return stands at 45 percent.

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