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Data post market closing showed that Motilal Oswal Midcap Fund pared some of its stake in the company during Tuesday’s trading session.
The fund sold 7.6 lakh shares of Deepak Nitrite on Tuesday at an average price of ₹2,653.22 per share. The number of shares sold amounts to 0.55% of the company’s outstanding equity.
Data did not disclose whether there was any buyer in the block deal that took place.
Based on the September quarter shareholding pattern, the Motilal Oswal Midcap Fund had a 1.1% stake in the company. If the number of shares sold are considered, the fund has cut its stake in Deepak Nitrite by half.
Among other funds who have stake in Deepak Nitrite include Mirae Asset Large and Midcap Fund, Canara Robeco Mutual Fund, Nippon Life India Trustee Ltd., Kotak Emerging Equity Scheme and Franklin India Smaller Companies Fund.
India’s largest insurance company, LIC also has close to 9.5% stake in Deepak Nitrite.
After a sudden 6% drop, shares of Deepak Nitrite ended 4.5% lower on Tuesday at ₹2,636. The stock is down 17% from its recent peak of ₹3,169.
