Block deal effect: Avalon Technologies stock slips 6%, 4.1 mn shares change hands 

Shares of Avalon Technologies Ltd slipped 6% on Wednesday after the electronics manufacturer saw about 4.1 million shares or 6% of equity changing hands in a single block trade on BSE. Avalon Technologies stock slipped 5.84% to Rs 2171 against the previous close of Rs 2305.75. Market cap of the firm fell to Rs 15,042 crore.

The stock zoomed 144% in six months and rose 157% this year. Avalon Technologies stock zoomed 290% in two years.

The RSI of the stock stood at 52.7, signaling the stock is neither oversold nor overbought on charts.

In the current session, the stock fell to its lowest since September 16 this year. Trading volume rose over 10 times of the three-month full-day average. Avalon Tech founders have sold their stake in the deal today.

As per reports, founders including Bhaskar Srinivasan were to sell up to 50 lakh shares, accounting for 6 per cent of the equity outstanding, via block deals.

As per the term sheet, the indicative price band is set at Rs 2,150-2,302 against the Tuesday's closing price of Rs 2,302. The offer size stands at Rs 860-920 crore, with Nomura Financial Advisory and Securities India managing the deal.

Avalon Technologies Ltd. is a provider of integrated Electronics Manufacturing Services (EMS), specializing in high-complexity products and complete box-build solutions. The company operates within a specialized niche of the EMS industry, focusing on design-for-manufacturing and assembly for a diverse global customer base.