Lenskart Solutions fell sharply on Monday after a large block deal worth ₹2,468 crore hit the counter, dragging the stock to its day’s low.

A chunk of Lenskart’s equity changed hands through block deals on the exchange.

As many as 3.6 crore shares, or 2.07% of the company’s total equity, were traded for a combined value of ₹2,468 crore, at an average price of ₹688 per share.

The identity of the buyers and sellers has not been officially confirmed yet. However, market sources suggest the seller was Platinum Jasmine A 2018 Trust, an investment vehicle linked to the Abu Dhabi Investment Authority.

As per standard block deal norms, the seller will not be able to sell any further shares in the company for the next 90 days.

This is not an isolated event. It is actually the third such block deal in Lenskart over the past month.

On August 24, SoftBank’s Vision Fund sold close to 4.5 crore shares worth nearly ₹2,888 crore.

Then on August 28, Alpha Wave Ventures sold around 2.9 crore shares valued at roughly ₹1,857 crore, with buyers such as the National Pension System, ICICI Prudential Mutual Fund and WhiteOak Capital Mutual Fund picking up stakes in that deal.

Despite the string of block deals, Lenskart’s stock has held up reasonably well over a longer stretch.

As of 10:00, the stock is trading at ₹691.25 well above its IPO issue price of ₹402 and is up close to 57% since the start of the year.

It also remains sharply higher than its listing price of ₹395 from November last year, even after today’s fall.

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