Shares of Campus Activewear slumped over 9% to hit Friday’s intraday low of ₹335.30.
What Happened: The slump comes as around 8% of the company’s equity shares changed hands in a huge block deal. Media reports had earlier suggested that TPG Global was going to sell its entire 7.6% stake in the company through a block deal. The floor price for the deal was reportedly set at ₹345 – a 6.5% discount from the stock’s Thursday closing price of ₹369.10. Some reports also suggested that another international investor in the company Kuwait Investment Authority was also selling its 1.27% stake.
Shares of the athletics wear company have been taking a beating in the stock market for quite some time now. The stock is down around 17% year-to-date and has crashed over 40% in the last six months.
However, the stock is still trading around 16% higher than its IPO price. The stock launched its IPO in April last year.
Price Action: Shares of Campus Activewear crashed 8.22% to close at ₹338.75 on Friday.
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