D-Mart stock gains 13% on traction from large funds

Promoter Damani gets richer by Rs 4,500 cr in a day

Avenue Supermarts, which runs D-Mart stores, rose 13 per cent on the stock market on Friday after Thursday’s five per cent rise. The market is abuzz that large fund houses are lapping up the stock.
 

The stock, which opened at Rs 664, touched an intra-day high of Rs 761 and closed the day at Rs 750.50. The Avenue Supermarts scrip has gained 151 per cent since listing. Avenue Supermarts diluted only a 10 per cent stake in its recent IPO. Around 82 per cent of the company’s shareholding is with the promoters and another eight per cent with pre-IPO investors.

Radhakishan