On the BSE, over 2.40 crore shares of the company had changed at the counter as compared with an average trading volume of 0.85 lakh shares in the past two weeks.

On the NSE, 37.21 lakh shares of the company were traded in the counter so far as against an average trading volume of 14.02 lakh shares in the past three months.

On the technical front, the stock's daily RSI (relative strength index) stood at 38.353. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading above its 100-day and 200-day simple moving average (SMA) placed at 342.94 and 298.16, respectively. It is, however, trading below its 50-day SMA positioned at 384.47.

In the past three months, the stock has gained by 24.09% while the benchmark Sensex has lost 4.59% during the same period.

As per media reports, Mahindra & Mahindra (M&M) was to sell a 4.6% stake in auto component firm Mahindra CIE Automotive through a block deals on Monday. The floor price for the sale is Rs 355 a share and the deal size is estimated to be Rs 615 crore, the reports added.

M&M held 9.25% stake (equivalent to 3,51,02,068 crore shares) in Mahindra CIE Automotive at the end of December 2022 quarter.

Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialised in supplying components and sub-assemblies for the automotive market, which has presence across the globe.

The company had reported a consolidated net loss of Rs 657.81 crore in Q4 CY22 as against a consolidated net profit of Rs 80.23 crore in Q4 CY21. However, revenue from operations rose 34.6% to Rs 2,246.84 crore in Q4 calendar year (CY) 2022 over Q4 CY 2021.