Sobha slipped 8.51% to Rs 380.20 at 11:17 IST on BSE after the company said that the promoter Sobha Menon sold 40 lakh shares or 4.15% stake in the company.
The announcement was made after market hours on Friday, 7 April 2017.
Meanwhile, the S&P Sensex was up 48.24 points, or 0.16% at 29,754.85. The S&P BSE Mid-cap index was up 88.62 points, 0.62% at 14,321.78.
On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 1.17 lakh shares in the past one quarter. The stock had hit a high of Rs 403.95 and a low of Rs 378.50 so far during the day.
The stock had hit a 52-week high of Rs 423.30 on 7 April 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 7 April 2017, advancing 27.47% compared with the Sensex's 2.44% rise. The scrip had also outperformed the market over the past one quarter advancing 56.25% as against the Sensex's 11.01% rise.
The Mid-cap company has equity capital of Rs 96.30 crore. Face Value per share is Rs 10.
Sobha said that the promoter Sobha Menon sold 40 lakh shares, or 4.15% stake at price of Rs 414.90 per share. Promoter Sobha Menon held 41.90% stake as per share holding as on 31 December 2016.
Adawi Investments Holdings bought 41.60 lakh shares at price of Rs 414.89 per share of the company.
Sobha's consolidated net profit rose 7.9% to Rs 39.40 crore on 24.4% increase in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.
Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.
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