CarTrade Tech shares drop 4.5% after major block deal

CarTrade Tech shares fell over 4.5% in the morning session today following a significant block deal valued at ₹588.3 crore. About 71 lakh shares, representing 15.1% equity in CarTrade Tech, were exchanged at an average price of ₹828 per share.

Sources indicated that the block deal was worth ₹400 crore with an option to raise an additional ₹100 crore. The deal includes a 75-day lock-up period. The base size of the block was 10.4% of the total equity, with the possibility of increasing up to 13%. This included a 7% stake sale by Highdell Investment and a 3.4% stake sale by MacRitchie Investments, with potential upsizes of 1.7% and 0.9% respectively.


As of 12:40 pm, CarTrade Tech shares were trading 4.24% lower at ₹821.45 on NSE. Despite today’s drop, CarTrade Tech shares have surged over 70% in the past year, compared to a 25% rise in the Nifty 50 index.