Honasa Consumer shares slide after firm's block deal completes
The shares are down despite the block deal worth Rs 150 crore. Employees with ESOP can reportedly sell 31 lakh shares under the block deal. The BSE on Tuesday put Honasa Consumer shares on Addition Surveillance Measure (ASM) Stage 1 after noticing too much activity in the stock within a short period of time
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Honasa Consumer Share Price: Honasa Consumer shares were trading lower by 4.61 per cent, or Rs 21.90, at Rs 453.20 each on BSE at 11:15 am on Tuesday (November 28) after the company's block deal completed.
In the first trading session after hitting a 52-week high on Friday, the shares were down despite their outstanding performance in the last one week. The stock hit 52-week highs on November 22, 23 and 24.
However, the BSE has put Honasa Consumer shares on Addition Surveillance Measure (ASM) Stage 1 after noticing too much activity in the stock within a short period of time.
On Tuesday, the company's block deal worth Rs 150 crore completed. Employees with ESOP can reportedly sell 31 lakh shares under the block deal. The deal was reportedly possible at around 5-6 per cent discount from the current price of the stock.
Honasa Consumer is the parent company of Mamaearth that produces cosmetics.
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