Axis Mutual Fund sells 2.22% of equity of V-Guard Industries worth ₹152 crore
SBI Mutual Fund bought the shares sold by Axis, exchange data showsThe mutual fund held 4% equity stake in the company as per the shareholding pattern as of June 2020
Mumbai: Axis Mutual Fund on Thursday sold 94.97 lakh shares or 2.22% equity stake in V-Guard Industries for ₹152.18 crore, via open market transactions.
The mutual fund manager offloaded 9.50 million shares of V-Guard Industries in secondary market at an average price of ₹160.25 per share on the National stock Exchange (NSE), valuing the transactions at ₹152.18 crore, the bulk deals data showed.
The mutual fund held 4% equity stake in the company as per the shareholding pattern as of June 2020.
SBI Mutual Fund bought the shares sold by Axis, exchange data shows.
On a consolidated basis, V-Guard Industries a drop of 93% in net profit to ₹3.64 crore in Q1 June 2020 compared with a net profit of ₹53.03 crore in Q1 June 2019. Net sales fell 42.3% to ₹408 crore in Q1 June 2020 over ₹706.65 crore in Q1 June 2019.
From the beginning of the year, V-Guard Industries lost 20% against a loss of 7% in the benchmark index, Sensex. From March lows, the stock gained while Nifty was up 47%.
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