Shares of Nippon Life Asset Management Company witnessed a robust 9 percent surge in the initial trading session, marking a significant milestone by reaching a 52-week pinnacle at Rs 489 on December 20. This surge was propelled by a substantial block deal valued at Rs 762 crore executed on the stock exchanges.
The block deal, involving a transaction of 1.78 crore shares, equivalent to a 2.86 percent equity stake in Nippon Asset Management Company, unfolded on the exchanges with a floor price set at Rs 427.
As the clock struck 09:34 am, Nippon AMC shares were trading at an elevated 7.2 percent, reaching ₹481.40 on the NSE. This remarkable upswing in share value triggered a noteworthy surge in trading volumes, with an impressive two crore shares changing hands on the bourses. This figure stands substantially higher than the one-month daily traded average of seven lakh shares.
