Burger King slides after Eastspring Investments India pares stake

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Burger King India fell 2.36% to Rs 146.60 after Eastspring Investments India Consumer Equity Open sold 27,55,323 equity shares of the company at Rs 154.92 per share on the NSE.

According to NSE bulk deal data, Eastspring Investments India Consumer Equity Open on Monday (11 January 2021), sold 27,55,323 equity shares (representing 0.72% stake) of Burger King India at average price of Rs 154.92.

Shares of Burger King have fallen 12.11% in two consecutive sessions from its recent closing high of Rs 166.80 on 8 January 2021.

Shares of Burger King were listed on the stock exchanges on 14 December 2020 at Rs 115.35, a premium of 92.25% to the initial public offer (IPO) price of Rs 60. The IPO of Burger King India was subscribed 156.65 times. The issue opened for subscription on 2nd December and it closed on 4th December.

Burger King set shop in India in November 2014 and has been among the fastest expanding quick service restaurant chains in the country. It is promoted by QSR Asia. The company is the national master franchisee of Burger King in India, with exclusive right and license to develop, establish, operate and franchise Burger King restaurants in India.

Burger King recorded net loss of Rs 118.95 crore and revenue from operations of Rs 135.21 crore in the six months ended on 30 September 2020.

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