Bajaj Consumer hits 52-week low after promoter stake sale

Shares of Bajaj Consumer Care (formerly Bajaj Corp) hit a 52-week low of Rs 308, down 3 per cent on the BSE in intra-day trade on Wednesday, after the promoter Bajaj Resources sold nearly 7 per cent of its holding via open market on Tuesday. The stock had tanked 9 per cent to Rs 317 yesterday.

On Tuesday, Bajaj Resources had offloaded 10.1 million shares, representing 6.85 per cent stake, in Bajaj Consumer Care for Rs 320 crore. The promoter sold shares at the price of Rs 316.42 per share on the BSE, the bulk deal data shows.

ICICI Prudential Mutual Fund had purchased 900,376 shares or 0.61 per cent holding in the company at a price of Rs 314.80 per share, data shows. The name of the buyers and sellers were not ascertained immediately.

As of December 31, 2018, Bajaj Resources hold 66.86 per cent stake in Bajaj Consumer Care, of which 70.42 per cent holding was pledged with the lenders.

In past two months, the stock underperformed the market by falling 20 per cent against 5 per cent rise in the S&P BSE Sensex.

At 11:28 am, Bajaj Consumer Care was trading 4.5 per cent higher, recovering 7 per cent from its intra-day low on the BSE. A combined 6.76 million equity shares changed hands on the counter on the BSE and NSE so far.