Shares of Sula Vineyards Ltd. tumbled over 7% on Monday after two large trades.
At least 1 crore shares changed hands in two large trades on Monday. Over 12% of equity changed hands in the range of Rs 577.95–584 apiece, according to Bloomberg. However, the buyers and sellers were not known immediately.
A foreign investment firm, Verlinvest Asia Pte, is set to exit Sula Vineyards Ltd. by offloading its remaining 8.34% stake for Rs 434.89 crore via an open market transaction.
The company will sell 70.42 lakh shares of the winemaker at an offer price range of Rs 570 to Rs 617.5 per share, according to the terms sheet viewed by NDTV Profit.
Shares of the company fell as much as 7.6% during the day to Rs 570.6 apiece on the NSE. It was trading 6.88% lower at Rs 575.05 apiece, compared to a 0.11% advance in the benchmark Nifty 50 as of 09:47 a.m.
It has risen 41.8% in the past 12 months. The total traded volume so far in the day stood at 52 times its 30-day average. The relative strength index was at 42.1.
Four out of the five analysts tracking the stock has a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.2%.
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