Shares of Gokaldas Exports Ltd. declined in trade on Wednesday after the company saw 62.80 lakh shares, or 10% equity, change hands in a bunched trade, according to Bloomberg.
Clear Wealth Consultancy Services is likely to have sold an 8.25% stake in Gokaldas Exports, according to BQ Prime sources. The expected size of the transaction is said to be Rs 234 crore.
The floor price of the expected sale is said to be Rs 390 per share, which is a 4.3% discount to Wednesday's closing price. Based on the December-quarter shareholding pattern, Clear Wealth Consultancy held a 20.56% stake in the company.
Shares dropped 2.75% to Rs 396.4 apiece, and the stock fell as much as 4.32% intraday, declining the most in over two weeks since Feb. 22.
Total traded volume stood at 195.8 times its 30-day average. The relative strength index was at 52.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one recommends a 'hold' on the stock.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 40.1% over the next 12 months.
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