Coromandel International slips after E.I.D. Parry pares stake

Coromandel International fell 2.02% to Rs 638.10 on the BSE after promoter E.I.D. Parry sold 2% stake in the company in the open market today, 2 June 2020.

E.I.D. Parry (India), in an exchange filing made during market hours today, said that it has sold today 58.50 lakh equity shares, or 2% equity, of Coromandel International at Rs 629.19 each.

Post this sale, E.I.D. Parry holds 58.48% stake in Coromandel International from 60.47% stake held as on 31 March 2020.

E.I.D. Parry has raised Rs 368.07 crore from the stake sale. "The proceeds of sale will be used to bring down the debt of the company, it said in the BSE filing. Shares of E.I.D. Parry fell 1.64% to end at Rs 212.75.

On the BSE, the Coromandel counter clocked a volume of 92.64 lakh shares against its average trading volume of 0.12 lakh shares in the past one quarter. The stock tumbled 5.16% to hit a low of Rs 617.65 on BSE in early trade today.

On the NSE, the stock lost 1.97% to Rs 638. The counter clocked a volume of 64.34 lakh shares compared with its average trading volume of 3.23 lakh shares in the past one quarter. The stock tumbled 5.33% to hit a low of Rs 616.0 on NSE in early trade today.

Coromandel International operates in business of fertilizers, specialty nutrients, crop protection and retail. The company is India's second largest phosphatic fertilizer player.

The company's consolidated net profit surged 112.2% to Rs 234.20 crore on 8.8% increase in net sales to Rs 2,869.32 crore in Q4 March 2020 over Q4 March 2019.

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