Fino Payments Bank stocks surge 15% after correcting 12% on back of block deal

Fino Payments Bank shares were back in action on Tuesday as the stocks touched an upper circuit of Rs 476.50 per share on BSE. The development assumes significance as the stocks of recently listed IPO had declined over 12 per cent or Rs 56 after Societe Generale sold 4,62,468 equity shares in the company at the weighted average price Rs 401.48 per share on the NSE on Monday. The stock had settled at Rs 392.85 per share on the NSE on Monday. 

The stock surged over 15 % in Tuesday's intraday trade negating all the losses seen in the stock amid heavy correction in the markets and post bulk deal on Monday.   

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On Monday, November 22, 2021, the stock also traded on new 52-week low value of Rs 366.45 per share, down Rs 120 from its previous low of Rs 466 per share on November 18. 

Earlier, shares of Fino Payments Bank had made a flat stock market debut on November 12 as the stock opened for trading at Rs 544 on the NSE against its issue price of Rs 577 per share. This was a discount of nearly 6 per cent.  

Fino Payments Bank had touched intraday high of Rs 583.35 on its debut day after recovering from the listing setback.  

Meanwhile, domestic stock markets continued its Monday's fall to Tuesday's opening as the headline indices Nifty50 and S&P BSE Sensex corrected nearly 1 per cent in the opening trade. The indices have tanked 1.96% each in Monday's closing. However, the stock markets made a strong recovery in afternoon trade as the major indices returned to trading back in the green.  

At around 3:15 pm, Nifty was inching towards a strong closing with gain of 108 points pr 0.62 % to 17,524.5.  Metal stocks, Tata Steel and JSW steel, supported the index as they joined other Nifty toppers on Tuesday—Powergrid, NTPC and Coal India —pushing Nifty towards a strong closing. Similarly, Sensex gained 132 points to 58,598, led by Powergrid, NTPC, Tata Steel and Bharti Airtel, which gained between 2 to 4 per cent in Monday's intraday trade.   

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