Shares of SJS Enterprises slumped around 5% on Thursday hitting an intraday low of 609.

What Happened: As per exchange data, ace investor Ashish Kacholia sold a 0.5% stake in the company on Wednesday. He sold around 1.60 lakh shares of the company through a bulk deal on the NSE. The average price for the deal was ₹653.22, and the total cost of the deal was around ₹10.45 crore.

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Kacholia even cut his stake in the company during the September quarter by around 3.44 lakh shares. At the end of the September quarter, he owned a 3.23% stake. With this sale, his stake has come down to 2.73%.

Earlier in the week, the company posted its results for the quarter ended September. Standalone net sales grew by 6.47% to ₹87.12 crore, but quarterly net profit declined by 4.61% to ₹16.36 crore. EBITDA also fell marginally by 1.03% to Rs. 27.02 crore.

Price Action: SJS Enterprises’ share price was down 3.62% to trade at ₹617.70 in the late hours of trading on Thursday.

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