Eternal Share: A huge block deal worth ₹2626 crores happened 15 minutes before the market closed:

News Topical, Digital Desk : News of a big block deal has come to light on Friday in the shares of Eternal (formerly Zomato), a leading company in the food delivery and quick commerce sector. According to sources, a total of 11.22 crore shares have been traded, the total value of which was around ₹ 2,626 crores.

Key points of the deal:
Block deal size: 11.22 crore shares
Deal value: ₹2,626 crore
Volume: About 1.3% of total equity

It is not clear at the moment who are the sellers and buyers in this deal, but market sources believe that a big institutional investor or an early investor may be behind this deal.

Impact on Zomato's stock - Despite this big deal, Zomato's stock saw a strong rally in the last 15 minutes. Block Deal is a special type of big deal in the stock market, in which two parties (buyer and seller) transact a large amount of shares. This deal takes place in a special segment different from the regular trading system of the stock exchange. According to SEBI rules, a block deal is one in which a deal of at least ₹5 crore or more is done. And whether it is equity or any instrument related to equity, this deal takes place in the special block deal window on NSE or BSE. This window opens between the first 15 minutes of trading (9:15 to 9:30 am). Both parties (buyer and seller) have to deal on the basis of pre-determined price and quantity.

Why block deals happen- Big investors or institutions, such as mutual funds, FIIs, or promoters do it to sell or buy their large stake. This is a way to transfer a large amount of shares without affecting the regular market. If the promoter of a company has to sell shares worth Rs 10 crore to a fund, then instead of selling gradually in the regular market, he can do a block deal at once so that there is not much pressure on the market price.