UltraTech Cement shares fell more than 2% in morning trade on Thursday after a large block transaction involving 25 lakh shares, equivalent to around 0.8% of the company’s equity, took place before the market opened. The deal is estimated to be worth nearly Rs 2,900 crore. The block trade comes a day after reports suggested that promoter-group entity Pilani Investment and Industries Corp was likely to sell a 0.6% stake in the cement major through a block deal. UltraTech Cement was trading down 2.22%, making it one of the biggest losers. The stock has declined around 2.3%. The company’s market capitalisation stood at approximately Rs 3.43 lakh crore. The 25 lakh shares traded on Thursday were higher than the 17 lakh shares cited in the earlier report. Details of the buyers and sellers, along with the final transaction price, were not immediately available. However, at the reported floor price of Rs 11,581 per share, the transaction would be valued at roughly Rs 2,895 crore. According to exchange data, Pilani Investment held a 1.5% stake in UltraTech Cement at the end of the June quarter. Promoter entities collectively owned 59.33% of the company, while public shareholders held around 40.5%. A 60-day lock-in period is expected to apply to any further sale of UltraTech Cement shares following the proposed transaction. The decline in UltraTech Cement shares came amid broader weakness in the domestic market.

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