Shares of Nuvama Wealth Management tumbled 5.12 per cent to ₹6,923.85, while the Edelweiss’s shares were trading at ₹126.70 higher by 0.6 per cent on the BSE at 12.56 pm on Thursday.
PTI had reported that Edelweiss Financial Services announced the sale of a 6.2 per cent stake in Nuvama Wealth Management through open market transactions. The deal, valued at approximately ₹1,481 crore, was executed by two of Edelweiss’ subsidiaries, ECap Equities and Edel Finance Company.
Meanwhile, Nuvama has recently increased its share capital by allotting 1,960 equity shares under an employee stock option scheme.
Analysts at Motilal Oswal said they remained optimistic about the future of the asset management, brokerage, and wealth management industry, including Nuvama Wealth. They have initiated coverage on the company with a ‘Buy’ rating.
The stock hit a 52-week high of ₹7,647.95 on December 11 and it had reached its 52-week low of ₹3,172.85 on June 2 on the BSE.
