Ashish Kacholia Cuts Stake In This Small Cap Stock, Shares Slide

Shares of SJS Enterprises slumped in the red on Thursday morning going down close to 2% to hit an intraday low of ₹621.25.

What Happened: Ace investor Ashish Kacholia sold around 3.47 lakh shares of the company on Wednesday. The sale was done through a bulk deal on the NSE. The average price of the deal was around ₹627.77. The total cost of the deal was around ₹21.78 crore.

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Earlier in month, Kacholia had sold around 1.60 lakh shares of the company through a bulk deal on Nov.8. The average price of the deal was ₹653.22. In total, he has sold around 5.07 lakh shares of the company this month. With these transactions, his stake in the company has nearly halved from September quarter levels. At the end of the September quarter, he owned around 10.03 lakh shares.

The company also reported its earnings for the quarter ended September. The company reported a growth in net sales, reaching ₹87.12 crore, which represents a 6.47% increase from the net sales of ₹81.83 crore recorded in September 2022. However, the quarterly net profit for September 2023 was ₹16.36 crore, reflecting a decrease of 4.61% compared to the net profit of ₹17.15 crore in September 2022.

Price Action: SJS Enterprises’ share price was down 1.50% to trade at ₹627.70 shortly after market open on Thursday.

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