India's Mahindra CIE Automotive falls most in 10 months on block deals

CIE Automotive India

13/03/2023 07:08

** Shares of Mahindra CIE Automotive Ltd  MAHN.NS  fall as
much as 8.2% to 360.9 rupees, its steepest intraday pct decline
since May 11, 2022
    ** Stock hits lowest level since Jan. 30
    ** Nearly 1.5 mln shares traded in three block deals between
364 rupees and 365.35 rupees as of 12:00 pm IST, according to
Refinitiv data
    ** Mahindra & Mahindra Ltd  MAHM.NS  was to sell a 4.6%
stake in co via block deals at floor price of 355 rupees per
share, according to a CNBC TV18 tweet from Sunday
    ** Stock set to fall for fourth consecutive session, if
losses hold
    ** Six of seven analysts rate the stock "buy" or "strong
buy", one "strong sell"; median PT is 397 rupees - Refinitiv
data    
    ** Nearly 8 mln shares traded as of 12:11 pm IST, 6X the
30-day moving average 
    ** Stock had risen 46.9% last year, its third straight
annual climb
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))