Vishal Mega Mart Shares Fall Sharply After 14% Equity Changes Hands

Shares of Vishal Mega Mart Ltd. fell over 7% on Friday with the stock trading at Rs 118.64 apiece. The stock price was reacting to seven block deals which saw 14% equity change hands.

The floor price for the block deal has been set at Rs 115, which is a 10% discount to the current market price (CMP). The total size of the block deal is estimated to be around Rs 3,508 crore, sources told NDTV Profit. There will also be 150 days lock-in on the remaining stake. Morgan Stanley and Kotak Securities were banker to the deal, people in the know told NDTV Profit.

ALSO READ: Vishal Mega Mart Block Deal: Promoter Likely To Sell Rs 3,508-Crore Stake

Vishal Mega Mart Share Price Today

Vishal Mega Mart Share Price

Photo: NDTV Profit

The scrip fell as much as 8.26% intraday. This compares to 0.49% lower benchmark Nifty 50. The stock has risen 23.76% in the last 12 months and 6.48% so far this year.

Out of 15 analysts tracking the company, 13 maintain a 'buy' rating while none maintain a "hold" and two maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 159.80 implies an upside of 25.3%. The stock currently trades at a relative strength index of 64.13.

Q3 Results: Vishal Mega Mart Revenue, Profit Meet Estimates

Vishal Mega Mart Q3 Results (Consolidated, YoY) were declared last month. Here's a snapshot

• Revenue up 17% at Rs 3,670 crore versus Rs 3,136 crore (Bloomberg estimate: Rs 3,749 crore)
• Ebitda up 20% at Rs 605 crore versus Rs 505 crore (Bloomberg estimate: Rs 610 crore)
• Margin at 16.5% versus 16.1% (Estimate: 16.3%)
• Net profit up 19% at Rs 313 crore versus Rs 263 crore (Estimate: Rs 313 crore)

ALSO READ: Stocks To Watch Today: Vishal Mega Mart, Tata Steel, NBCC, BPCL, Gaudium IVF

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