Ashish Kacholia cuts 7% stake in Vadilal Industries in 2 consecutive sessions, stock down 21.5%

The total stake, which Ashish Kacholia offloaded in two days, was worth Rs 30 crore.

Ace investor Ashish Ramchandra Kacholia reduced his stake further in ice cream maker Vadilal Industries for second consecutive session on Tuesday. The stock was down 2 percent today, taking total loss to 24.80 percent in four straight sessions.

In fact, when he offloaded 5 percent stake on Monday, the stock was locked at 20 percent lower circuit.

Kacholia on Tuesday sold 1,42,527 equity shares (representing 1.98 percent of paid-up equity) of the company at Rs 548.35 per share.

On Monday, he sold 3.62 lakh equity shares (3,06,045 shares on NSE and 56,260 shares on BSE) through open market transactions, at a price of Rs 612.18 per share and Rs 604.05 respectively.

The total stake, which he offloaded in two days, was worth Rs 30 crore.

As of June 2018, Kacholia held 5,18,432 equity shares (representing 7.21 percent of total paid-up equity) of the company, which after these bulk deals reduced to 13,600 shares (0.19 percent of total equity).

Vadilal has reported healthy 31 percent year-on-year growth in June quarter consolidated profit to Rs 32.34 crore but revenue declined 3.44 percent to Rs 229.16 crore YoY.

The company in June quarter lowered its outstanding debt to Rs 94.4 crore from Rs 102.6 crore a year ago, leading to 14 percent reduction in interest payout.

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