Campus Activewear Ltd shares tumbled nearly 9 percent in morning trade on Friday after a block deal worth Rs 861 crore

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According to data available on exchanges, 2.5 crore shares, translating into 8.1 percent equity of the company, changed hands at an average price of Rs 349 per piece. This is at a discount of 5.4 percent from Thursday’s closing price of Rs 369.10.

Buyers and sellers in the deal were not known immediately.

Sources told CNBC-TV18 on Thursday that TPG Global, which currently holds a 7.62 percent stake in the company, was looking to sell its entire holding via a block deal.

Campus Activewear is a leading sports and athleisure footwear brand in India. The company got listed on bourses on May 9, 2022, listing at a premium of over 23 percent from its issue price of Rs 292 per share.

The stock has tumbled over 40 percent in the last six months after various foreign investors as well as domestic institutional investors cut their stake marginally in the company during the September -December period.

The company’s earnings also took a hit during the December 2022 quarter, with consolidated net profit falling 11.7 percent year-on-year to Rs 48.31 crore. Revenue from operations, though, rose 7.4 percent year-on-year to Rs 465.62 crore in the third quarter.

Shares of Campus Activewear are trading 7.6 percent lower at Rs 342.2.

(Edited by : Rukmani Krishna)