took a sharp hit on Tuesday, plunging nearly 9 per cent, as the market reacted to reports that its promoter, Bajaj Finance, is offloading up to 2 per cent of its stake in a block-deal.
It is valued at ₹1,740 crore. Bajaj Finance currently holds 88.70 per cent stake in the company. The deal is likely to take place at ₹96 per share, a 9.6 per cent discount to the latest market price.
The stock hit a 52-week low of ₹94.90 on the in early trade today against the previous close of ₹104.50. At 9.37 am, it traded 8.18 per cent lower at ₹95.95.
Bajaj Finance traded flat at ₹1023.60 on the BSE at the time of writing.
Investors now await whether the block sale will attract institutional buyers or trigger broader panic selling among retail holders. The coming sessions will be critical in determining whether the stock can stabilise or continues its slide.