Emami falls by nearly 7 per cent after block deals
Share of Emami Limited fell by nearly 7 per cent following block deals in the company's shares. The block deals consisted of promoters selling around 8.3 per cent of their equity stakes.
Emami’s promoters had previously sold 10 per cent stake in the last quarter. As per trading data, 8.3 per cent equity of Emami exchanged hands in early trade. The promoters’ of the company pledged 0.05 per cent equity and then sold 0.2 per cent equity, on June 19.
Emami Group, an Indian conglomerate, is headquartered in Kolkata. The company’s product range includes Zandu Pharmaceutical products, healthcare products such as tonics for cold and cough, men’s deodorants, ayurvedic products, personal care products, etc. to name a few. Emami Paper Mills Limited, Emami Cement Limited, Emami Realty Limited, etc are some of Emami Group's subsidiaries.
Last winter season was very prolonged which hampered the domestic business resulting in decrease of sales for its summer products such as cool oils, talcs and deodorants, believes the company's management. Liquidity conditions in the economy and weak rural sentiments have also affected the revenues for the recent quarters.
On Monday, the stocks of the Emami closed at Rs. 270.25, a decrease by 6.57 per cent or Rs. 19. The stock's 52-week high was Rs. 598.95 and 52-week low was Rs. 246 on BSE.