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Avenue Supermarts shares drop over 5 pc as Radhakishan Damani to sell up to 1 pc stake

Press Trust of India  |  New Delhi 

Shares of plunged over 5 per cent today as Radhakishan Damani, the promoter of the company, will sell up to 1 per cent stake in the firm.

Despite opening the day on a positive note, the stock dropped 5.24 per cent to end at Rs 1,416.85 on During the day, it plunged 7.76 per cent to Rs 1,379.

On NSE, shares of the company tanked 5.20 per cent to close at Rs 1,417.20.

On the equity volume front, 2.70 lakh shares of the company were traded on the and over 31 lakh shares changed hands on the NSE during the day.

Radhakishan Damani, the billionaire investor and promoter of which operates stores, will sell up to 1 per cent stake in the company for an estimated sum of over Rs 884 crore.

will sell shares to comply with minimum public shareholding requirements.

"Radhakishan Shivkishan Damani, one of our promoters, has conveyed to us his intention to sell the equity shares...of the company to enable us to comply with the requirements of minimum public shareholding," said in a filing today.

The company said has proposed to sell up to 1 per cent of the total paid up equity share capital of the company aggregating to 62,40,844 shares.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 19:25 IST
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