Samvardhana Motherson slumps on large volumes; promoter sells 3.4% stake

Samvardhana Motherson International tumbled 10.09% to Rs 69.05, amid large volumes.

On the BSE, over 2.54 crore shares of the company had changed hands at the counter as against an average trading volume of 4.81 lakh shares in the past two weeks.

On the NSE, over 40.02 crore shares of the company were traded in the counter as against an average trading volume of 1.30 crore shares in the past three months.

In an exchange filing made today, Samvardhana Motherson said that Sumitomo Wiring Systems, Japan (SWS), a promoter of Samvardhana Motherson International (SAMIL) has intimated selling of 3.4% shares held in SAMIL through 'bulk deal' at stock exchange in India, as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.

Sumitomo Wiring Systems held 1,18,89,55,936 shares, equivalent to 17.55% stake in Samvardhana Motherson International at the end of the quarter ended December 2022.

Samvardhana Motherson International is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers.

On consolidated basis, the company's net profit from continuing operations soared 121.61% to Rs 500.73 crore in Q3 FY23 as against Rs 225.95 crore in Q3 FY22. Revenue from operations rose 25% year on year (YoY) to Rs 20,226 crore in the quarter ended 31 December 2022.

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