Shares of Electronics Mart India were down five percent on September 22 after its promoter Pavan Kumar Bajaj sold 2.5 percent stake in the electronics retailer.
As per the bulk data published by the NSE, Pavan Kumar Bajaj offloaded 96.18 lakh equity shares of the company via open market transactions on September 21. 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 percent 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.
At 3.30 pm market close on the NSE, the Electronics Mart India stock was at Rs 142.90 apiece, down Rs 7.50, or 4.99 percent. The stock was locked in a lower-circuit at this price level since 9.30 am in the morning trade.
In its results for the April-June quarter, the company reported a 19.95 percent YoY (year-on-year) increase in revenue from operations at Rs 1,689 crore. Net profit rose 46.34 percent to Rs 60 crore. Operating profit margins expanded by 100 basis points on a yearly basis to 8 percent.
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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