Block deal effect: MapMyIndia shares slip 4%, turnover rises

Shares of C.E. Info Systems, the owner of MapMyIndia, fell 4% in early deals on Wednesday amid reports that 6.1 lakh shares or 1.1% equity changed hands in a block deal. The transaction was worth Rs 142.6 cr. The deal was carried out an average price of  Rs 2,332 share. JM Financial was the broker in the block deal. Sellers and buyers in the deal were not immediately known.

According to a report, Rakesh Kumar Verma, the promoter of CE Info Systems, the parent of MapMyIndia, would sell 5 lakh shares of the company through the block deal.

MapMyIndia stock fell 4%  to Rs 2313.55 against the previous close of Rs 2416.10 on BSE. Market cap of the software products firm slipped to Rs 12,576 crore. Total 6.55 lakh shares of the firm changed hands amounting to a high turnover of Rs 152.22 crore.

The stock rose to a 52 week high of Rs 2745.4 on June 21, 2024 and hit a 52 week low of Rs 1164.30 on July 5, 2023.

C.E. Info Systems provides digital map data, GPS navigation and location-based services, software and customizing its products to customers (combined) through royalty, annuity, subscription.