D-Link India shares slip 4% after Ashish Kacholia sells stake

Shares of D-Link India fell over 4% after ace investor Ashish Kacholia sold 2.13 lakh shares or 0.6 per cent stake in the networking and connectivity products maker via open market transactions. D-Link India stock fell 4.53 % to Rs 218.75 against the previous close of Rs 229.15. The stock has been declining for the last three sessions. Earlier, the stock opened lower at Rs 225.20.

D-Link India stock is trading higher than the 100-day and 200-day moving averages but lower than 5-day, 20-day and 50-day moving averages. The stock has gained 55.37% in a year and risen 22.26% in 2022. In three years, the stock has zoomed 123.78%.

Total 0.54 lakh shares of the firm changed hands amounting to a turnover of Rs 1.22 crore in the morning session. Market cap of the firm rose to Rs 778.98 crore on BSE. The stock hit a 52 week high of Rs 311 on November 9, 2022 and a 52-week low of Rs 105.20 on June 20, 2022.

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The transaction was done on Wednesday at an average price of Rs 242.56 per share which amounted to a worth of Rs 5.16 crore, as per the data available with exchanges. For the quarter ended September 2022,  Kacholia held 3.34% stake or 11,86,350  shares of D-Link India in his portfolio.

In the second quarter of the current fiscal, D-Link India reported a 80.23 per cent rise in consolidated net profit at Rs 22.70 crore against a profit of Rs 12.59 crore in the corresponding period of last fiscal.

Consolidated revenue from operations climbed 19.42% to Rs 294.78 crore in Q2 against Rs 246.85 crore in the year-ago period.

The company is engaged in the marketing and distribution of networking products. It offers D-Link branded networking products in India and neighbouring countries. The company offers products that extend across various areas of network infrastructure, including switching, security, wireless, Internet protocol (IP) surveillance, storage and structured cabling.