Bata India stock falls 3% after promoters sell stake

Shares of Bata India fell nearly 3 per cent today after the company's promoters sold 2.8 per cent stake via a block deal. The floor price of the sale was Rs 1,850 per share and the stake sale fetched Rs 316 crore. Bata India stock touched an intraday low of Rs 1,826.05, down 2.76 per cent on BSE.

The stock has gained 20 per cent in a year but lost 1.30 per cent in 2022. A total of 36.63 lakh shares of the firm changed hands, amounting to a turnover of Rs 681.37 crore.

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The market cap of the firm fell to Rs 23,749 crore on the BSE. Bata India stock is trading higher than 5-day and 20-day moving averages but lower than 50-day, 100-day, and 200-day moving averages.

The share hit a 52-week high of Rs 2261 on November 16, 2021, and a 52-week low of Rs 1527 on June 1, 2021.

Around 36.5 lakh shares of Bata India changed hands, significantly higher than its two-week average of 0.33 lakh shares.

The firm reported a healthy set of earnings in the last quarter. The shoemaker reported over two-fold rise in its consolidated net profit at Rs 62.96 crore led by robust sales. It posted a net profit of Rs 29.47 crore in the year-ago period.

Revenue from operations climbed 12.77 per cent to Rs 665.24 crore in Q4 against Rs 589.90 crore in the corresponding quarter of 2020-21.