Repco Home Finance rebounds 11% from day's low

Shares of Repco Home Finance moved higher by 7% at Rs 364, bouncing back 11% from its early morning low on the back of heavy volumes. The stock of housing finance company slipped 4% to Rs 327 on Friday in early morning trade, extending its yesterday’s 4% decline on BSE after value investor Mohnish Pabrai's fund sold more than one percentage point stake in home lender for Rs 319 million on Thursday via the bulk deal.

On November 30, the Pabrai Investment Fund IV LP sold total 948,535 equity shares at an average market price of Rs 335.87 per share on the NSE and BSE.

The fund sold 385,327 shares at Rs 335.59 per share, the data on the BSE showed. On the NSE, data showed that the fund sold 563,208 shares at Rs 336.15 per share. The buyer’s names were not ascertained immediately, as the company has not disclosed that information in the bulk deal data.

As of September 30, 2018, Pabrai Investment Fund IV, LP held 1.93 million or 3.09% stake in Repo Home Finance, the shareholding pattern data showed. Pabrai Investment Fund 3 Ltd held 1.45%, while Pabrai Investment Fund II held 1.72% stake.

In the past six trading days, the stock of Repco Home Finance has dipped 18% from Rs 401 on November 21, as compared to a 3% rise in the S&P BSE Sensex. It touched a 52-week high of Rs 739 on January 8 and a 52-week low of Rs 293 on October 19 this year.

At 10:58 am, the stock was trading 6% higher at Rs 361 on BSE, as compared to a 0.44% rise in the Sensex.  The trading volumes on the counter jumped more than eight-fold with a combined 2.85 million equity shares changed hands on the counter on the BSE and NSE so far.

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