Shares of Happiest Minds drop over 9% after major block deal

Shares of Happiest Minds Technologies Ltd fell more than 9% in early trading on Tuesday following a significant block deal where 8.3% of the company’s equity changed hands. The deal was valued at Rs 1,076 crore.

The market capitalization of Happiest Minds dropped to Rs 12,877 crore. In total, 125.32 lakh shares were traded, amounting to a turnover of Rs 1,049.42 crore. The identities of the buyers and sellers involved in the block deal have not been disclosed.

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Reports suggest that promoter Ashok Soota was likely to sell a 6% stake in the company through this block deal. At the end of March 2024, Soota held a 38.34% stake, or 5.83 crore shares, in the IT firm, according to BSE shareholding data.

As of 10:20 AM, Happiest Minds shares were trading 8.07% lower at ₹843.30.