Happiest Minds shares slip 9% amid Rs 1,076-crore block deal

Shares of Happiest Minds Technologies Ltd slipped over 9% in early deals on Tuesday after 8.3% equity changed hands in a block deal. The deal was worth Rs 1,076 crore. Shares of Happiest Minds fell over 9.47% to Rs 830.20 against the previous close of Rs 917.05 on BSE.

Happiest Minds market cap slipped to Rs 12,877 crore.  Total 125.32 lakh shares of the firm changed hands amounting to a turnover of Rs 1049.42 crore in the current session.  Buyers and sellers of the block deal were not immediately known.

According to reports, promoter Ashok Soota was likely to sell 6 percent stake in the company through the block deal. Soota held 38.34% stake or 5.83 crore shares in the IT firm at the end of the March 2024, BSE shareholding data show.

The stock fell to a 52-week low of Rs 738.05 on March 28, 2024 and rose to a 52 week high of Rs 1019.40 on July 17, 2023.
Happiest Minds shares have a beta of 0.6, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 70.9, signaling it's trading in the overbought zone.

Happiest Minds shares are trading lower than the 5 day, 10 day, 20 day but higher than the 30 day, 50 day, 100 day and 150 day moving averages.