Sula Vineyards share price tanks 11% from IPO issue price; Jupiter India Fund, Goldman Sachs buy shares worth Rs 47.27 crore

Sula Vineyards Share Price NSE, BSE: Sula Vineyards share price has tanked more than 10 per cent from the IPO issue price of Rs 357. The company had made a tepid market debut on Thursday and ended nearly 8 per cent lower at Rs 331.20 on NSE. 

On Friday, the counter opened in green but surrendered the gains amid heavy sell-off in the domestic market tracking the weak global cues. On the NSE, Sula shares fell Rs 15.70 or 4.74 per cent to settle at Rs 315.50. On BSE, it ended at Rs 311.15, tanking more than 6per cent. 

In volume terms, 33,49,650 shares were traded on the NSE during the day.

Meanwhile, Jupiter India Fund and Goldman Sachs on Thursday bought shares of Sula Vineyards. 

As per the bulk deals data available on the official website of NSE, Goldman Sachs India Equity Portfolio bought 6,95,864 shares of Sula Vineyards on Thursday at Rs 351.48 apiece, investing Rs 24,45,82,278.72.

Jupiter India Fund bought 6,32,155 shares of Sula Vineyards paying Rs 361 apiece. Jupiter India Fund invested Rs 22,82,07,955 in Sula. 

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The two institutional investors have together pumped Rs 47.27 crore on day one of Sula desk.

The initial public offer of Sula Vineyards got subscribed 2.33 times last week. The Rs 960.35-crore initial share-sale had a price range of Rs 340-357 a share.

The company distributes wines under a bouquet of popular brands such as Sula (its flagship brand), RASA, Dindori, The Source, Satori, Madera & Dia.

Currently, it produces 56 different labels of wines across 13 distinct brands at its four owned and two leased production facilities located in Maharashtra and Karnataka.

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