Vishal Mega Mart's share price touched the lowest level in over one month in Tuesday's session as the promoter sold stakes in the company. Promoter Kedaara Capital, via Samayat Services LLP, sold a 10% stake in the company.
The floor price for the same is Rs 110 per share, which implies a 12% discount to the last closing price. The size of the block deal is Rs 5,057 crore as per the term sheet accessed by NDTV Profit.
So far on the National Stock Exchange on Tuesday, Vishal Mega Mart's 92.96 crore shares changed hands at the range of Rs 115.16–125 apiece. This means Vishal Mega Mart's 20.22% equity has changed hands.
Vishal Mega Mart's share price slumped 9.09% right after opening to Rs 113.5 apiece, the lowest level since April 30. The stock pared losses to trade 5.37% down at Rs 118.5 apiece as of 9:45 a.m., as compared to a 0.16% decline in the NSE Nifty 50 index.
Bloomberg reported that a 9.09% decline is the biggest intraday drop for Vishal Mega Mart since its listing.
The script advanced 5.66% in 12 months and 11.07% on a year-to-date basis. Total traded volume so far in the day stood at 447 times its 30-day average. The relative strength index was at 40.46.
Out of nine analysts tracking the company, seven maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13% from the current market price.
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