Electronics Mart India Promoter Sells 2.5% Stake, Stock Falls 5%
Shares of Electronics Mart India fell 5% on September 22 after its promoter Pavan Kumar Bajaj sold 2.5% stake in the electronics retailer. The shares were sold at an average price of Rs 143.03 each, taking the total transaction value to Rs 137.56 crore.
At the same time, Motilal Oswal Mutual Fund picked up a 1.57% stake in the company. It purchased 60.4 lakh shares at an average price of Rs 143 each, taking the total transaction value to Rs 86.37 crore.
The stock was locked in a lower circuit at Rs 142.90 apiece, down Rs 7.50, or 4.99%.
In its results for the April-June quarter, the company reported a 19.95% YoY increase in revenue from operations at Rs 1,689 crore. Net profit rose 46.34% to Rs 60 crore. Operating profit margins expanded by 100 basis points on a yearly basis to 8%.
Electronics Mart India is engaged in the business of retailing electronic and consumer appliances. The company operates a chain of stores that offer a wide range of electronic products, including smartphones, televisions, home appliances, and accessories.
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