Honasa Consumer share price hits 10% upper circuit as co-founder raises stakes
- Stock Market Today: Mamaearth Parent Honasa Consumer share price gained 10% on Wednesday, hitting upper circuit during intraday trades on news that co-founder had raised stakes in the company
Stock Market Today: Mamaearth Patent company Honasa Consumer Ltd saw its share price rise 10% on Wednesday, to hit upper circuit during intraday trades. The news that co-founder has raised stakes in the company added to investor confidence
The co-founder and CEO, Varun Alagh who earlier had held 31.88 per cent stake in Honasa Consumer at the end of September 2024 quarter has bought additional shares worth ₹4.5 crore in the company. This means that Varun , Alagh's stake in the Mamaearth parent company Honansa Consumer has now risen to 31.93 percent as per the filings on the exchanges.
The beauty and personal care company Honasa Earth sees co founder Ghazal Alagh, wife of Varun Alagh holding another 99,64,700 shares or 3.07% stake in the cmpany .
Honasa Consumer share price opened at ₹271.05 on the BSE on Wednesday, 3.5% higher that the previous closing price of ₹261.70. The Honasa Consumer share price thereafter rose to intraday highs of ₹287.85 marking gains of 10%. Since ₹287.85 also remained the upper price band, the Honasa Consumer share price was locked in the upper circuit.
The Honasa Consumer share price theerafter coooled down a bit and was trading at close to ₹284 levels
Honasa Consumer Share price has seen significant pressure and is still down 27-28% in last one month, despite a rally on Wednesday. The disapointment with Q2 results has led to a significant correction in the share prices of Honasa Consumer., with rising growth concerrns.
Jefferies analysts post Q2 results had said that higher inventory correction and loss was disappointing, while founders' comment on reworking the playbook createsd further uncertainty
The stock qas per Jefferes was to see pressure . Whlle Jefferies analysts said that they were disappointed too, but trusted that founders wll get back on track. As per Jefferies, Honasa is not the only start-up to go through the pain
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