UTI Asset Management (AMC) shares surged 8% to Rs 687.30 on the NSE in intraday trade on Tuesday after PPFAS mutual funds bought 1 million shares in the company in a block trade on Monday.

PPFAS mutual funds bought 1.12 million shares, or 0.88% stake in UTI AMC, for Rs 71.4 crore. Mutual funds bought shares at Rs 636 per share on the NSE, exchange block trade data showed. The seller’s name was not immediately identified.

UTI AMC is driven by four PSU sponsors who own 45.16% of the shares together. Bank of Baroda, State Bank of India and Life Insurance Company of India each hold 9.98%, while PNB has 15.22%. US-based T. Rowe Price International owns another 22.97%, according to shareholding pattern data.

However, shares of UTI AMC have fallen 21% over the past three months, underperforming the broader market, while the S&P BSE Sensex has gained 6%.

It reached an all-time high of Rs 1,217 on August 31, 2021, and a record low of Rs 471.10 on October 12, 2020. UTI AMC made its stock market debut on October 12, 2020. The company raised Rs 2,160 crore at Rs 554 per share through a price-to-price issue of shares.