Indian Overseas Bank Shares Jump 19% To Eight-Year High After Large Trade

Shares of Indian Overseas Bank Ltd. jumped to an eight-year high on Monday after two large trade

At least 12 lakh shares, or 0.01% equity, changed hands in a large trade at Rs 45.50 apiece, according to Bloomberg data. Another 11 lakh shares, or 0.01% equity, changed hands at Rs 45.65 apiece.

However, the buyers and sellers were not known immediately.

Shares of the bank rose as much as 18.99%, the highest level since April 2015, before paring gains to trade 16.46% higher at 11:15 a.m. This compares to a 0.08% decline in the NSE Nifty 50.

The stock has gained 45.48% on a year-to-date basis. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 84.29, implying that the stock may be overbought.

The one analyst tracking the company suggests a 'sell' on the stock, according to Bloomberg data.

Shares of PSU banking companies were trading higher on Monday, as the NSE Nifty PSU Bank rose 3.26% as of 11:05 a.m., compared to a 0.07% decline in the NSE Nifty 50.

All 12 constituents compiled by the index advanced, with Indian Overseas Bank Ltd., UCO Bank Ltd., and Punjab & Sind Bank Ltd. rising the most in trade.