Shares of Patanjali Foods took a hit today, falling by more than 3% following the announcement of a substantial block deal worth ₹2,223.38 crore. The block deal involved the sale of 3.26% of the company’s equity, amounting to a total volume of 117.83 lakh shares. The likely seller behind the transaction is the Patanjali Group, which is reducing its stake in the company.
The shares were sold at ₹1,815 per share, which represents a discount of around 6% compared to Patanjali Foods’ last closing price of ₹1,930 per share. The discount in the selling price is believed to be one of the contributing factors to the drop in share value, as the market reacted to the lower pricing of the deal.
As of 9:21 am the shares were trading 3.09% lower at ₹1,871.60 on NSE
