Mahindra CIE Automotive (MCIE) shares fell 9% to Rs 357 on the BSE in intraday trade on Monday after more than 6% of the total share capital in auto parts and equipment changed hands through block trades.

About 23.63 million shares changed hands in block trades as of 9:15 am, representing 6.23% of MCIE’s total share capital, BSE data showed. The names of the buyer and seller were not immediately identified.

On Monday, according to media reports, Mahindra & Mahindra (M&M), one of the promoters of MCIE, wanted to sell a 4.6% stake in the company through the block trade mechanism of the stock exchange.

Media reports show that the deal could have a floor price of around Rs 355 per share, or a 10% discount to the last close, with a total deal value of around Rs 620 crore. Previously, M&M had sold a 2.17% stake in the company to CIE Group at Rs 285 per share in September 2022.

According to shareholding pattern data, as of December 31, 2022, M&M holds 35.1 million shares or 9.25% of MCIE.

MCIE was quoted 5% lower at Rs 375.15 at 10:48 am, while the S&P BSE Sensex was up 0.17%. Despite today’s drop, the stock has risen 30% over the past three months, with a 5% decline in the benchmark index. It hit an all-time high of Rs 462 on February 24, 2023.

MCIE shares have more than doubled over the past year, gaining 110%. By comparison, Sensex has gained 7% over the period.