Sula Vineyards Shares Tumble Over 4% After Large Trade

Shares of Sula Vineyards Ltd. fell on Thursday after 13% equity changed hands in a large trade, according to Bloomberg data.

About 1.06 crore shares exchanged hands. Verlinvest Asia Pte is the likely seller, which held 18.6% stake in the wine producer as of June 30, according to the terms of the deal reviewed by BQ Prime. The aggregate value of the trade is expected to be around Rs 539.2 crore. The buyers were not known immediately.

Sula Vineyards' stock was trading 2.75% lower at Rs 494.7 apiece in comparison to a 0.07% advance in the benchmark NSE Nifty 50 as of 9:45 a.m. The share price fell 4.86% to an intra-day low of Rs 484 apiece.

The stock has risen 49.1% on a year-to-date basis. The total traded volume stood at 137 times its 30-day average. The relative strength index was at 50.

Five analysts tracking Sula Vineyards maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.4%.