BHEL Stock falls after shares worth Rs 402 crore change hands via block deal

New Delhi: The Shares of PSU Company Bharat Heavy Electricals Ltd. (BHEL) fell over 3% on Wednesday, October 23 trading session after a large deal took place in the stock.

As many as 1.8 crore shares of BHEL, amounting to 0.5% of its outstanding equity changed hands in the transaction. Shares changed hands at an average price of Rs 227 apiece, taking the total transaction value to Rs 402 crore.

The mutual funds marginally increased their stake in BHEL at the end of the September quarter to 5.82% from 5.36% at the end of June. However, India's largest insurance company, Life Insurance Corporation of India (LIC) cut its stake during the quarter to 6.72% from 7.33% at the end of June.

BHEL now has close to 19.6 lakh small retail shareholders, or those with authorized share capital up to Rs 2 lakh. That figure is higher than the 18.5 lakh in June. In percentage terms, the retail stake has increased marginally to 10.87% from 10.72% last quarter. Foreign Portfolio Investors too have increased their stake in BHEL to 9.49% from 9.1% at the end of June.

The Shares of BHEL, which at one point during the session were down 3%, are now trading 1.6% lower at Rs 229.1. The state-run company is down 31% from its recent high of Rs 335.