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Phoenix Mills: Resumption uncertainty to keep stock under pressure

While the company has cash to sustain operations, near term revenues will take a hit

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Some of the pain in the mall space was visible in the June quarter with overall revenues down 66 per cent y-o-y and 78 per cent on a sequential basis. Representative Image

Ram Prasad Sahu

2 min read Last Updated : Aug 26 2020 | 12:42 AM IST

The Phoenix Mills stock was down about 11 per cent on Tuesday after the company's promoters sold a partial stake (7.3 per cent). Promoter holding in the company at the end of June quarter stood at just over 59 per cent. The block deal comes close on the heels of a qualified institutional placement (QIP) last week which helped raise Rs 1,089 crore at Rs 605 per share. The stock is currently trading at Rs 648.6 a share.

The near term could see some pressure on the stock, given the disruption caused by Covid-19 and the impact on its revenues —

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