Amara Raja Batteries tumbles on heavy volumes

Amara Raja Batteries tumbled 5.18% to Rs 743.15 amid heavy volumes.

On the BSE, 41.07 lakh shares were traded in the counter so far compared with an average trading volume of 70,212 shares in the past three months.

On the NSE, 2.93 crore shares of the company were traded so far as against an average trading volume of 9.98 lakh shares recorded in the past three months.

According to media reports, Clarios was to sell 1.71 crore shares (approximately 10% stake) of Amara Raja Batteries for an aggregate of $174 million. The floor price was reportedly fixed at Rs 746 per share.

Clarios ARBL Holding LP held 4.09 crore shares or 24% stake in the company as on 31 March 2021.

Amara Raja Batteries is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry.

On a consolidated basis, the automotive batteries maker's net profit jumped 38% to Rs 189.38 crore in Q4 FY21 as against Rs 137.30 crore in Q4 FY20. Revenue from operations rose 33% to Rs 2,102.70 crore in Q4 FY21 over Q4 FY20.

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