In the early morning trade on Tuesday, Swan Energy shares got locked in the 5% upper circuit at Rs 727.20 per share on the NSE. In comparison, as of 10:04 AM IST, the Nifty50 increased 0.25 percent to 24,382 levels.
The company’s stock hit its upper circuit on Monday as well, rising 10% during the previous two trading days.
This happened after Swan Energy shares were purchased by global asset manager BlackRock on Monday for Rs 304 crore through open market transactions. Based on block deal data from the National Stock Exchange (NSE), US-based BlackRock purchased around 4.55 million shares, or 1.45 percent of Mumbai-based Swan Energy, through its three affiliates.
The shares were purchased at an average price of Rs 668.27 per, bringing the total transaction value to Rs 304.50 crore.
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