Market

Emami shares slip nearly 6% after block deals

Updated : June 24, 2019 11:30 AM IST

At 09:35 AM, the stock price was trading lower 4.82 percent to Rs 275.35 per share on the NSE

Intraday, the share price declined 5.84 percent to its day’s low at Rs 272.10.

Emami shares slip nearly 6% after block deals

Shares of Emami Limited slipped nearly 6 percent on Monday after the promoters sold stake via block deals. In a huge block deal, the promotersâ€™ sold 8.3 percent equity. On June 19^th, the promotersâ€™ pledged 0.05 percent equity, and then sold 0.2 percent equity on last Friday. In fact, the companyâ€™s promotersâ€™ sold 10 percent stake in the last quarter as well.

At 09:35 AM, the stock price was trading lower 4.82 percent to Rs 275.35 per share on the NSE. Intraday, the share price declined 5.84 percent to its dayâ€™s low at Rs 272.10. This year, the stock has plunged over 34 percent, and about 48 percent in last one year.

Since March 2019, the promotersâ€™ have pledged 47.68 percent of their stake. The promotersâ€™ stake in March 2019 stood at 62.74 percent as against 72.74 percent in December 2018.

Emami

Emamiâ€™s director Mohan Goenka during the last stake sale on February 19 sold about 10 percent stake in the flagship firm Emami Ltd for around Rs 1,600 crore.

In fact, Emami's director Mohan Goenka said that the promotersâ€™ are committed to maintain their significant majority stake in the company and do not anticipate any further dilution of stake in the foreseeable future.

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