Shares of Apollo Hospitals Enterprise Limited declined on Friday after a large block deal worth ₹1,489 crore hit the exchanges. About 18.97 lakh shares, or 1.32% equity of the company, were traded at ₹7,850 per share during the block deal window on August 22.
According to reports, Apollo Hospitals’ promoter and managing director, Suneeta Reddy, was likely the seller. A day earlier, it was indicated that she could divest nearly 1.25% stake, amounting to 18 lakh shares, through the block deal. The transaction was expected to be valued at around ₹1,395 crore with a floor price of ₹7,747 per share. As of the June quarter, Reddy held a 3.36% stake in the company.
The development comes shortly after Apollo Hospitals posted strong first-quarter earnings. The company reported a consolidated net profit of ₹433 crore, marking a 42% increase from ₹305 crore in the same period last year. Revenue rose 14.9% year-on-year to ₹5,842 crore, compared to ₹5,085 crore previously. EBITDA grew 26.3% to ₹851.5 crore, while operating margins expanded to 14.6% from 13.3%.
