Nuvama Wealth shares drop 5% following a large stake sale, but analysts remain optimistic.

Nuvama Wealth Management shares fell by up to 5% after a large stake sale valued at about ₹2,100 crore. Edelweiss Financial Services is suspected to have sold its stake, though the identities of the buyer and seller are not confirmed. Despite the share price drop, analysts at Motilal Oswal remain optimistic, rating Nuvama Wealth as a 'Buy'. Nuvama Wealth, which manages ₹4,41,276 crore in client assets, saw a 50% year-over-year revenue increase to ₹740 crore and a 77% rise in profit to ₹258 crore in Q2.

December 12, 2024
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