RK Damani sells stake in VST Industries, shares drop 2%
- Radhakishan Damani sold 1 lakh shares of VST Industries on September 17, 2024, at an average price of ₹439.19.
- This sale follows an earlier transaction on September 9, where he sold 1.73 lakh shares, leading to a total stake reduction.
- The shares of VST Industries fell by 2.36% following these sales, indicating market concern over Damani's reduced stake.
On September 17, 2024, Radhakishan Damani, a prominent investor and founder of DMart, sold 1 lakh shares of VST Industries at an average price of ₹439.19, totaling ₹4.39 crore. This sale represented a 0.06% stake in the company. Earlier in the month, on September 9, he had already sold 1.73 lakh shares, which accounted for a 0.10% stake at an average price of ₹442.98. These transactions have raised concerns among investors regarding the stability of VST Industries' stock. As of June 30, 2024, Damani held a significant 39.8% stake in VST Industries, which is notably higher than the promoter holding of 32.16%. His investment strategy includes a 3.47% stake in his name, while the majority of his shares are held through Bright Star Investments Private Ltd, which owns 25.95% of the company. Following the announcement of these sales, shares of VST Industries experienced a decline of 2.36%, trading at ₹432.50. This drop reflects the market's reaction to Damani's decision to reduce his stake, which is often interpreted as a lack of confidence in the company's future performance. The recent share sales by Damani could signal potential volatility for VST Industries, prompting investors to reassess their positions. The market's response indicates that Damani's actions are closely monitored, and any significant changes in his investment strategy can have immediate effects on stock prices.