Mumbai/IBNS, Nov. 6 -- Automaker Mahindra & Mahindra (M&M) on Thursday sold its entire stake in RBL Bank Ltd. via a block deal, media reports said.

M&M sold the stake valued at approximately Rs. 678 crore in the pre-market window.

The company said in its exchange filing representing 62.5% gain on its investment.

M&M, which is one of the leading automobile manufacturers, had bought this stake in July 2023 at a cost of around Rs. 417 crore.

M&M managing director, Anish Shah said the company did not intend to raise its stake in RBL Bank beyond 9.9% unless there was a compelling investment rationale.

As all eyes are now on RBL Bank, its shares have surged by 2.55 points to 326.55 level.

M&M shares too surged by 2 percent to Rs. 3,652..7...