Lodha Developers shares drop 7% after $165 million block deal executed, institutional investor sells stake

Lodha shares dropped 6.7% to Rs 1,346.50 after a large block deal involving 9.8 million shares worth ~$165 million.

The deal was executed at a 4% discount, with Goldman Sachs acting as the sole placing agent.

An institutional investor is believed to have conducted the sale as a clean-up trade.

Technically, Lodha shares are trading below key moving averages and show neutral momentum with RSI near 56.