Coforge Share Price Slides 7% After Bulk Share Deal Announcement

Coforge shares are trading at ₹4,071 which is nearly -6% while publishing this news article. The block sale sold 60 lakh shares equating to a 9.8% stake in the company.

Upon hearing that the company’s shares were traded in pre-open trade today, the share price of Coforge opened at $4,070.25 as opposed to the previous close of $4,330.20. On the BSE, the stock has thus far seen a high of $4,125.55 and a low of $4,038.95.

The share price on the BSE was down 254.20 rupees, or 5.87%, at 4,076 at the time this text was written. The company’s market capitalization as of now is 25,009.1 crore.

Although the buyers and sellers of the large number of shares that were traded are not yet known, some reports suggest that Barings PE may have sold some of its investment.

The company disclosed its collaboration with Denodo in a separate market filing, allowing banks and other financial institutions to take on agile upgrading projects without having an impact on regular business operations.

Under the terms of the partnership, Coforge will bring its design and implementation expertise at BFSI clients, while Denodo will bring its logical data integration and data management strategy, powered by data virtualization, to help businesses overcome obstacles like security, conformance, systemic risks, downtime, and data migration quality.

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They will thereby acquire the flexibility needed to take on relocation or modernisation projects in response to various business needs.

Denodo is a platform for data integration, management, and delivery that enables enterprise data services, self-service BI, data science, and hybrid/multi-cloud data integration for businesses.

The 52-week high for the Coforge stock was $4,870 on March 9, 2022, and the 52-week low was $3,210 on September 19, 2022.