India's Central Depository Services Ltd. (CDSL) witnessed a sharp decline in its share price, following a notable decline in total income and net profit for the December quarter. Despite opening a significant number of new demat accounts, the company's demat custody also saw a decline from the previous quarter. This marks a significant setback for the company, as it reported a significant drop in its EBITDA and net profit. However, CDSL did achieve a milestone by registering over 14.65 crore demat accounts, making it the first depository to do so.
Shares of CDSL have taken a hit after Standard Chartered Bank sold its 7.18% stake in the company through block deals. This move comes amidst the company's impressive returns for investors, with a net profit of Rs 107.48 crore for the December quarter. Meanwhile, CDSL has also received approval from market regulator Sebi for further investment in ONDC. Keep up with the latest stock market updates on Zeebiz.com.
In a major move, Standard Chartered Bank - Corporate Banking has sold its entire shareholding in Central Depository Services Ltd (CDSL), causing the company's shares to drop by 6.4%. The floor price for the block deal has been fixed at Rs 1,672 per share, representing a 6.3% discount to the last close. The offering type is 100% secondary placement and JPMorgan India is likely to be the advisor, while CDSL facilitates securities trading in electronic form and settlement of trades on stock exchanges.