Vadilal Industries share price corrected another 12 percent intraday to hit a 19-month low of Rs 516.50 on Tuesday, in addition to 20 percent fall in previous session after ace investor Ashish Kacholia cut his shareholding in the company.
Ashish Ramchandra Kacholia on Monday reduced his equity shareholding in the ice cream maker to around 5 percent from 7.21 percent earlier.
The ace investor sold 3.62 lakh equity shares (3,06,045 shares on the NSE and 56,260 shares on the BSE) through open market transactions at Rs 612.18 and Rs 604.05 per share, respectively, for Rs 22.13 crore.
As of June, Kacholia held 5,18,432 equity shares (representing 7.21 percent of the total paid-up equity) in the company. After this bulk deal, his stake reduced to 1,56,127 shares, or 2.17 percent of the companyâ€™s total equity.
Vadilal reported a healthy 31 percent year-on-year growth in Q1 FY19 consolidated profit at Rs 32.34 crore. Revenue declined 3.44 percent to Rs 229.16 crore. The company lowered its outstanding debt to Rs 94.4 crore from Rs 102.6 crore in the year ago period, leading to a 14 percent reduction in interest payout.