Coforge share price drops 7% on reports of bulk share deal | Mint
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Business News/ Markets / Stock Markets/  Coforge share price drops 7% on reports of bulk share deal
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Coforge share price drops 7% on reports of bulk share deal

The stock hit a high of ₹4,125.55 and a low of ₹4,038.95 through the day so far

Investment banks Citigroup, JP Morgan and Bank of America are advising Coforge on this ADS offering.Premium
Investment banks Citigroup, JP Morgan and Bank of America are advising Coforge on this ADS offering.

The share price of Coforge opened at 4,070.25 compared to previous close of 4,330.20 on news reports that company shares changed hands in pre-open trade today. The stock hit a high of 4,125.55 and a low of 4,038.95 through the day so far on BSE.

At the time of writing this copy, the share price was down 254.20, or 5.87%, at 4,076, on BSE. The current market-cap of the company stands at 25,009.1 crore.

The buyers and sellers of the bulk shares that changed hands are not know yet, but some reports indicate that Barings PE may have sold a part of its stake.

Mint could not independently confirm the development.

In a separate exchange filing, the company announced its partnership with Denodo to enable banks and other financial organizations to engage in agile modernization projects without affecting daily operations.

“Under the partnership, Denodo will bring its logical data integration and data management approach, powered by data virtualization, while, Coforge will bring its design and implementation expertise at BFSI clients, enabling companies to overcome challenges like security, compliance, systemic risks, downtime, and data migration quality, so they can gain the necessary agility to engage in migration or modernization projects in response to diverse business needs," the company filing said.

Denodo is a data integration, management and delivery platform that helps companies enable selfservice BI, data science, hybrid/multi-cloud data integration, and enterprise data services.

The Coforge stock hit a 52-week high of 4,870 on March 9, 2022 and a 52-week low of 3,210 on Sepetember 19, 2022.

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Published: 13 Feb 2023, 10:49 AM IST
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