Same 50,00,000 shares, two pathsBlock trading
Path A — worked in the open bookvisible the whole way
Fill 1₹100.00
Fill 2₹100.40
Fill 3₹100.85
Fill 4₹101.30
each fill tips off the next seller → +1.3% market impact
↓ vs ↓
Path B — negotiated as a blockprivate until it prints
two sides agree, full size
ONE PRINT
₹100.15full 50,00,000
↓ becomes public only once it is done ↓
negotiated in public → price moves against you
negotiated in private, reported after → one clean price