Shares of Dreamfolks Services plunged 12% on Friday as a flurry of block deals nearly worth Rs 11 crore spooked investors.
Notably, Bajaj Finance and Motilal Oswal Mutual Fund offloaded significant stakes.According to exchange data, Bajaj Finance sold 309,445 shares at Rs 196.32, translating to a deal size of Rs 6 crore.
Motilal Oswal Mutual Fund offloaded 270,251 shares at Rs 211.14, amounting to Rs 5.7 crore, while HRTI Private Limited sold 261,485 shares at Rs 196.48, worth Rs 5.1 crore.However, HRTI also bought 2,90,459 shares at a price of Rs 196.23 in a separate block deal worth Rs 5.7 crore, remaining a net buyer.
Combined, these four block deals in Dreamfolks totalled over 5.5 lakh shares valued at approximately Rs 11 crore.Shares of Dreamfolks were sold at a discount from Thursday's closing price of Rs 217.58.Live EventsThe massive sell-off weighed heavily on Dreamfolks stock price, which fell sharply in intraday trading as investors digested the sudden surge in supply.Dreamfolks, which provides airport lounge and travel services is a smallcap stock with a market capitalisation of Rs 1,010.53 crore.Also Read: Suzlon Energy gets no adverse observations from NSE, BSE for merger with subsidiaryThe Dreamfolks stock has been a market underperformer, declining by 60% over a 1-year period when headline indices Nifty and Sensex have gained 4.84% and 4.31%, respectively.
In 2025, so far, its fall has been to the tune of 52% versus Nifty's 7% uptick.The stock is currently trading in a strongly oversold zone with Friday's RSI and MFI standing at 23 and 9, respectively according to Trendlyne.
A number below 30 is considered as oversold while above 70 is seen as overbought.Read More: Vedanta's investor dilemma: Dividend king, pauper returns; time to buy or say bye?The stock is also trading below its 50-day and 200-day simple moving averages of Rs 249 and Rs 336.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of Economic Times)