DMart owner Avenue Supermarts' shares drop after promoter Radhakishan Damani decides to sell up to 1% stake

New Delhi: Shares of Avenue Supermarts plunged over 5 percent on Friday as Radhakishan Damani, the promoter of the company, will sell up to 1 percent stake in the firm. Despite opening the day on a positive note, the stock dropped 5.24 percent to end at Rs 1,416.85 on BSE. During the day, it plunged 7.76 percent to Rs 1,379. On NSE, shares of the company tanked 5.20 percent to close at Rs 1,417.20. [caption id=“attachment_4474709” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] On the equity volume front, 2.70 lakh shares of the company were traded on the BSE and over 31 lakh shares changed hands on the NSE during the day. Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts which operates D-Mart stores, will sell up to 1 percent stake in the company for an estimated sum of over Rs 884 crore. Damani will sell shares to comply with minimum public shareholding requirements. “Radhakishan Shivkishan Damani, one of our promoters, has conveyed to us his intention to sell the equity shares…of the company to enable us to comply with the requirements of minimum public shareholding,” Avenue Supermarts said in a BSE filing on Friday. The company said Damani has proposed to sell up to 1 percent of the total paid up equity share capital of the company aggregating to 62,40,844 shares.