From yesterday’s close of Rs.1489.75. Avenue Supermarts or D-Mart opened lower at Rs.1467 and went down further to an intraday low at Rs.1451.20, a decline of 2.6%.
The stock has turned slightly jittery after promoter, RS Damani will start cutting his stake by 0.998% or 62.30 lakh shares starting today. The planned stake sale announcement had come on 6th August.
The stake sale by the promoter is to comply with the minimum public shareholding norms.
As at 30th June 2019, promoters held 81.20% stake of which Damani himself held 38.41% of the equity.
Any stake sale by a promoter, even for a legitimate reason like adhering to the 75% promoter stake rule of SEBI also causes a lot of discomfort to the market.