Aavas Financiers plunge over 5% as MD Sushil Agarwal trims stake

The stock is currently trading significantly below its 50- 100- and 200-day moving averages on the BSE.

Shares of Aavas Financiers slumped more than 5 percent on April 21 after Managing Director Sushil Agarwal reduced his stake in the company to 1.55 percent from 3.3 percent.

At 1.24 pm, the stock was trading at Rs 1,577.20, down 5.5 percent from the previous close on the BSE.

According to a Citi Report, the sell-down could weigh on the stock further but the fundamentals remained intact.

Aavas Financiers' consolidated net sales for the December quarter of FY23 were at Rs 411.37 crore, up 20.08 percent from Rs. 342.58 crore in December 2021.

Quarterly net profit was at Rs 107.12 crore in December 2022, up 20.69 percent from Rs. 88.76 crore in the corresponding period a year ago.

The company's EBITDA for the December quarter was at Rs 295.02 crore, up 20 percent from Rs 245.85 crore in the year-ago period.

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Aavas Financiers' stock price has risen more than 21 percent in the past three years but has fallen more than 34 percent in the last year.

The stock is trading significantly below its 50, 100 and 200-day moving averages on the BSE, indicating a bearish trend, analysts say.

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