Vadilal tanks 30% in two days as Ashish Kacholia offloads 5% stake

The stock hit a fresh 52-week low of Rs 516.50, down 12% after investor Ashish Kacholia offloaded 5% of its equity shareholding in ice cream maker through open market on Monday.

Shares of Vadilal Industries hit a fresh 52-week low of Rs 516.50, slipped 12% in early morning trade on Tuesday, after investor Ashish Kacholia offloaded 5% of its equity shareholding in ice cream maker through open market on Monday.

Yesterday, the stock tanked 20% to Rs 589 on the BSE and the National Stock Exchange (NSE). The stock plunged 35% in past six trading sessions from Rs 795 on August 10, 2018.

On Monday, August 20, 2018, Ashish Ramchandra Kacholia had sold 362,305 equity shares representing 5.04% of its holding in Vadilal Industries through bulk deals on the NSE and BSE. Ashish Kacholia had sold these shares for Rs 221 million at an average price of Rs 608.12 per share, the bulk deal data shows. CLICK HERE FOR BULK DEALS DATA

EQ India Fund had bought 48,000 equity shares of the company at price of Rs 590.24 per share. The name of the other buyers not ascertained immediately.

As of June 30, 2018, Ashish Ramchandra Kacholia had 7.21% or 518,432 equity shares in Vadilal Industries, the shareholding pattern data shows.

At 09:35 am; Vadilal Industries was trading 10% lower at Rs 530 on the BSE, as compared to 0.04% decline in the S&P BSE Sensex. A combined 540,080 equity shares changed hands on the counter on the BSE and NSE so far.