Avalon Technologies shares fell as much as 5% to a day low of Rs 2,180 on 30 September after a Rs 883 crore block deal in the stock.

The dip traces back to a block deal struck in the morning session. That is a single large trade where one party hands a big lump of shares to another, outside the usual buying and selling on the screen.

Block deals run in a separate morning window, so the impact showed up early in the day.

About 40.5 lakh shares of Avalon Technologies Limited changed hands, equal to 6.06% of its total equity.

The average price was near Rs 2,181 a share, which puts the deal value at around Rs 883 crore. That is roughly 5.3% below Tuesday’s close of Rs 2,302.

Market reports on Tuesday had linked the sale to some of the company’s promoters, but nothing in the trade data confirms who sold or who bought.

Avalon Technologies also put out a press release on the NSE at 11:02 am on 30 September.

The stock opened at Rs 2,205 and hit its low of Rs 2,180, almost level with the block price.

It then bounced back to a high of Rs 2,254 before easing, still well short of Tuesday’s close of Rs 2,302 through the morning.

Promoters held 44.39% of the company at the end of the June quarter, exchange data shows, while public shareholders held the remaining 55.61%.

The shares hit a 52-week high of Rs 2,618 on 18 September. NSE data shows they have lost 8% over the past week and 5.2% over the past month.

At 11:58 am, shares were trading at Rs 2,249.30 on the NSE, down by 2.29% from the previous close of Rs 2,302.

About 14.27 lakh shares had changed hands by then. Even so, the stock is up 154.98% so far this year.

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