Financial services firm Capital Group executed a significant open market transaction on Thursday, selling shares of electrical goods company Polycab India for a total value of Rs 337 crore. The transaction, carried out on the National Stock Exchange (NSE), involved Capital Group’s affiliate SmallCap World Fund Inc offloading 8,51,003 shares of Polycab India.
As per bulk deal data with the NSE, the shares were sold at an average price of Rs 3,955.87 apiece, resulting in a transaction value of Rs 336.64 crore. The specifics of the buyers involved in the transaction have not been disclosed.
The market reaction to this transaction was reflected in Polycab India’s stock price, which witnessed a notable decline of 20.50%, closing at Rs 3,904.70 per share on Thursday. The move by Capital Group indicates dynamic market activities and investor strategies in response to evolving financial landscapes.