Federal Bank, a private sector lender fell on Tuesday as stake sale by L&T Finance Holdings weighed on the share price. Meanwhile, shares of L&T Finance Holdings rallied over 2%.
According to media reports, L&T Finance Holdings sold 7.99 million shares in Federal Bank (Q,N,C,F)* at an average price of Rs 453.37.
Shares of Federal Bank declined Rs 5.75, or 1.23%, to trade at Rs 463 at the BSE on Tuesday noon. Total volume of shares traded for the bank on the bourses today was sharply higher to 10,596,653 compared with 22-day average volume of 152,486.
On the other hand, L&T Finance Holdings' shares are trading at Rs 76.90, up Rs 1.65, or 2.19% at the Bombay Stock Exchange (BSE) on Tuesday noon.