M&M shares tumble nearly 4% after 0.8% equity changes hands via multiple block deals

Mahindra & Mahindra block deal, Mahindra & Mahindra share price: Shares of M&M slipped nearly 4 per cent in the morning deals on Thursday, March 7, after 94.7 lakh shares, or 0.8 per cent, equity changed hands via multiple block deals. As per Zee Business research, Mahindra & Mahindra (M&M) promoter Prudential Management and Services was expected to offload stakes via a block deal. 

As of 9:21 a.m., shares of M&M traded 3.74 per cent, or Rs 73.74, lower at Rs 1,895 apiece on the BSE. The market capitalisation at about the same time stood at Rs 2,35,648.71 crore. 

M&M, through a filing, M&M informed that the company reached out to promoters regarding the sale of stakes. 

The filing read, “Post transmission of shares of Prudential Management and Services ( (PMSL) held by the former Chairman of M&M, Late Mr. Keshub Mahindra (who passed away on April 12, 2023), to his family members, the family is looking for liquidity for specific needs and hence proposes to sell a small number of shares held by PMSL in M&M. The family shall continue to retain the status of promoter group of M&M, and there is no intention to sell further shares in the foreseeable future,” the statement read. 

M&M Q3 Results

Mahindra & Mahindra reported a 34 per cent increase in consolidated profit after tax (PAT) at Rs 2,658 crore for the third quarter ended December 31, 2023 (Q3 FY24), driven by robust sales across verticals.

The auto major had reported a profit after tax of Rs 1,984 crore for the October-December quarter of the last financial year.

Revenue increased 15 per cent to Rs 35,299 crore for the period under review, compared to Rs 30,621 crore in the year-ago period, Mahindra & Mahindra (M&M) said in a regulatory filing.

M&M share price: Past performance 

In a year, shares of M&M have gained over 47 per cent as against Nifty50's rise of over 26 per cent. 

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