Mastek Block Deal: Stock falls after 23.5 lakh shares worth ₹647.5 crore change hands

Sources within the Dealing Rooms indicate that the deal in Mastek is a likely clean out trade from an existing investor.

However, buyers and sellers in the transaction is not known officially.

The Mumbai-based company recently informed the stock exchanges that Hiral Chandrana has resigned as the Group CEO, after a three-year stint at the company, to pursue other opportunities. Chandrana also stepped down from the Board of Directors in the company's subsidiaries.

Mastek saw a sharp decline in profitability in the latest first quarter ended June 2024. The earnings before interest, tax, depreciation, and amortisation (EBITDA) fell to 15.2%, the lowest since December 2019.

In a recent conversation with CNBC-TV18, Chandrana highlighted the increasing deal flow in recent quarters. However, the return on equity for Mastek fell to 16.7% in the financial year ended March 2024, less than what it was in the first year of the pandemic.

The promoter held a 36.25% stake in the company, according to the June quarter shareholding pattern.

Shares of Mastek Ltd. were currently trading 1.37% lower on Wednesday at ₹2,865. The stock has risen nearly 3% so far this year.