Shares of IIFL Finance plummeted 7% on 22 December after 2.4 crore shares of the company changed hands via block deal on the exchanges.

Around 2.4 crore shares, which representing a 6.5% stake in the company, changed hands via a block deal on the bourses for an average price of Rs 555 per share share, taking the total transaction value to Rs 1,358 crore. The floor price set was a 7% discount from the previous close of Rs 595.15 on 21 December.

The block deal triggered a spike in volumes on the counter as 3 crore shares changed hands against its one-month daily traded average of 6 lakh shares.

The butters and sellers involved in this deal are yet to be identified.

However, according to the media outlet, private equity firm Fairfax was among the sellers in today’s block trade who parted ways with around a 5.2% stake in today’s block deal.

As of 30 September, Fairfax holds a 20.89% stake in the company that will be reduced down to around 15% post the block deal.

At 3:30 pm, the shares of IIFL Finance closed 4.01% lower at Rs 571.30 on NSE.