Emami tanks 7% on report of promoters selling stake in block deals

Emami's promoters had also sold a 10 percent stake in the last quarter

Emami shares fell 6.6 percent intraday to hit a five-year low on June 24 after a media report indicated that promoters sold stake via block deal route.


The stock touched an intraday low of Rs 270, the lowest price since July 2014. At 0936 hours IST, it was quoting at Rs 275.00, down Rs 14.25, or 4.93 percent on the BSE.

A CNBC-TV18 report said about 8.3 percent equity of Emami exchanged hands in early trade via block deal route.

Emami's promoters had also sold a 10 percent stake in the last quarter.

As of March 2019, promoters held 62.74 percent stake in the company, of which 47.68 percent are pledged.

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