CreditAccess Grameen shares tumble over 6% on reports of promoter selling stake

Shares of CreditAccess Grameen fell over 6% after reports emerged that the promoter, Credit Access BV, plans to sell a 5.8% stake in the company through block deals. The transaction is estimated to be worth around Rs 1,100 crore. The stock was last trading at Rs 1,257.5 apiece, down 5.1% from the previous close. CreditAccess Grameen is a microfinance institution that provides micro-loans to women customers. As of March 2023, the company operates in 14 states and 1 union territory with 1,786 branches, serving over 42.6 lakh customers. Mutual funds hold a 10.2% stake, while foreign portfolio investors own 8.57%.