Block Deal: Why Campus Activewear Shares Are Crashing Today

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.

See Also: If You Bought TCNS Clothing Shares Instead Of That Aurelia Kurti Last Month, Here's How Much You Would Have Now

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.

Read Next: ₹1,000 Invested In PolicyBazaar Today Will Be Worth This Much If Shares Return To IPO Price

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Block dealCampus ActivewearIPOKuwait Investment Authorityshoessportswear stocksTPG Capital ManagementTPG Growth