Mandhana slumps as IFCI and Kotak offload bulk shares

Mandhana Industries was locked at 5% lower circuit at Rs 66.90 at 10:32 IST on BSE after IFCI and Kotak offloaded bulk shares in the company through stock exchanges mechanism yesterday, 13 July 2016.

Meanwhile, the S&P BSE Sensex was down 37.49 points or 0.13% at 27,777.69.

On BSE, so far 6,482 shares were traded in the counter as against average daily volume of 55,897 shares in the past one quarter. The stock opened with a downward gap and remained locked at 5% lower circuit level at Rs 66.90 so far during the day, which is a record low for the counter. The stock had hit a record high of Rs 345 on 22 March 2016. The stock had underperformed the market over the past one month till 13 July 2016, sliding 74.95% compared with 5.37% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 77.68% as against Sensex's 8.54% rise.

The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.

IFCI sold 2 lakh shares of Mandhana Industries at Rs 70.40 per share in a bulk deal on the BSE. IFCI offloaded 3 lakh shares of company at Rs 70.35 per share on the NSE. Kotak Mahindra (International) Ltd A/C Premier Investment sold 2.34 lakh shares of the company at Rs 70.35 per share on the NSE. ECL Finance sold 2 lakh shares of the company at Rs 70.40 per share on the BSE. ECL Finance sold 15.53 lakh shares of the company at Rs 70.38 per share on the NSE.

Mandhana Industries' net profit rose 3.8% to Rs 15.93 crore on 5.9% growth in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015.

Mandhana is a multi divisional textile company spread over multiple geographical locations. The company engages in manufacturing of textiles and garments with state-of-the-art infrastructure. The scope of Mandhana's business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.

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