Shares of SBI Cards and Payment Services slipped five percent lower on Tuesday as reports of a private equity major further reducing its stake in the credit card company dented the sentiment for the stock.
Ca Rover Holdings, an affiliate of Carlyle Asia Partners, is looking to sell a 3.4 per cent stake in the cards company which is worth $443 million or Rs 3,267 crore on Tuesday through bourses, reports had said.
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According to the BSE website, Ca Rover Holdings owned a 6.5 percent stake in SBI Cards as of June end.
The sale price has been fixed at Rs 1,021-Rs 1,072.30 which implies a discount of near five percent on the lower end of the range.
On Monday, the scrip had closed 0.6 percent lower at Rs 1,071.70.
This report comes after the private equity firm Carlyle sold a 5.1 percent stake in the credit card company in June, while in March, the firm offloaded a little more than four percent in SBI Cards.
At 09:31 am, shares were trading down 4.4 percent at Rs 1,024.70.
The stock has been losing for the last three days and has fallen more than five percent during the period. It touched an intraday low at Rs 1,012 on the BSE.
Year to Date, the stock has gained 20 percent and in the past year, it has surged 25 percent.