The stock fell as much as 8.7 per cent to Rs 65.81 on the Bombay Stock Exchange in the early trade, as per the reports
After the reports of a large equity transaction worth about Rs 289 crore made rounds, the shares of Aditya Birla Fashion and Retail (ABFRL) tumbled nearly 9 per cent on Tuesday. The stock fell as much as 8.7 per cent to Rs 65.81 on the Bombay Stock Exchange in the early trade, as per the reports.
The reports noted that about 4.35 crore shares, accounting for 3.57 per cent of the company’s outstanding equity, were traded in a large transaction, valuing the deal at around Rs 289 crore. However, the details of buyers and sellers were not made pubic.
In Aditya Birla Lifestyle Brands, the demerged entity, around 2.8 per cent of the outstanding equity exchanged hands in a separate large trade, the report added, noting that the deal in that entity is yet to take place. The reports mentioned that an institutional investor was looking to offload around 3 per cent equity through a block deal worth USD 43 million, with the floor price fixed at Rs 106.14 apiece.
ABFRL posted 13 per cent growth on a year-on-year (YoY) basis in Q2, with revenue at Rs 1,982 crore. Revenue in H1 was up 11 per cent YoY to reach Rs 3,813 crore. Pantaloons segment was up 6 per cent YoY, while ethnic businesses grew 11 per cent YoY. ABFRL expanded its retail footprint with over 30 gross store additions during the second quarter.
The company then said that its newer businesses continue to scale rapidly, supported by strategic investments that strengthen capabilities, extend market reach. ‘As we look ahead, our focus remains on driving scale and efficiency, while transforming our brands to be more contemporary, aspirational and vibrant,’ the statement added.
