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Shares of Bajaj Consumer zoom 20% after promoter sells stake

Bajaj Resources held 59.9% stake in Bajaj Consumer Care at the end of September quarter

bse, sensex, bombay stock exchange

Shares of Bajaj Consumer Care zoomed 20 per cent on Wednesday after Bajaj Resources, a promoter of the consumer goods firm, offloaded around 22 per cent stake in the company.

The scrip jumped 20 per cent to Rs 234.65 -- its upper circuit limit on the BSE. On the NSE, it advanced 19.17 per cent to Rs 242.70.

Bajaj Resources on Tuesday offloaded around 22 per cent stake in the company for Rs 628 crore through an open market transaction.

As per exchange data, Bajaj Resources sold 3,22,65,100 shares representing 22 per cent equity stake of Bajaj Consumer Care at an average price of Rs 194.56.

Bajaj Resources held 59.9 per cent stake in Bajaj Consumer Care at the end of September quarter.

A host of fund houses, including Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Steinberg India Emerging Opportunities Fund, were among the buyers of the shares.