MapmyIndia share price drops 7% on reports of block deal

MapmyIndia parent company CE Info Systems share price fell as much as 7% in Thursday's trading session to ₹1,804.80 per share after the reports circulated of major block deal. According to CNBC-TV18 report, total of 28.6 lakh shares, representing 5.3 per cent of the company's equity, were traded at a price of ₹1,813.7 per share. Digital payments giant PhonePe Pvt. Ltd. launched a block deal to offload a 5 per cent stake in CE Info Systems Ltd., the parent company of MapMyIndia, for ₹476.2 crore. The deal is reportedly priced at ₹1,750 per share, reflecting a 10.4% discount to CE Infosystems' most recent closing price, according to sources. As of the March quarter, PhonePe owned an 18.7 per cent stake in MapMyIndia.