Rs 5,300 crore block deal pushes Lenskart shares higher

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Shares of eyewear company Lenskart witnessed sharp movement in Friday’s trading session after a massive block deal worth more than Rs 5,300 crore took place in the market. Despite opening in the red, the stock recovered strongly and surged over 5 percent from the day’s low.

According to the sources, around 6 percent equity stake in the company changed hands during the transaction, with shares traded at nearly Rs 473 per share. Reports suggest that several existing investors reduced their holdings following the expiry of the company’s lock-in period, which made a large portion of shares eligible for trading.

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During intraday trade, Lenskart shares climbed up to Rs 498.7 on the NSE after an initial decline. Nearly 7.87 million shares, accounting for over 3 percent stake in the company, were traded in the deal.

The strong recovery in the stock came even as the broader market remained under pressure. Market experts believe investor confidence in the company’s long-term growth prospects helped the shares bounce back quickly after the large-scale selloff.

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