A tourist holds ice cream cones (Photographer: Tomohiro Ohsumi/Bloomberg)

Ashish Kacholia Sells 5% Stake In Vadilal Industries

Well-known investor Ashish Kacholia sold a 5 percent stake in Vadilal Industries Ltd.

The stock picker sold about 3.62 lakh shares (or 5.04 percent equity) of the ice cream maker at Rs 612.18 each yesterday, according to data available on the National Stock Exchange. It was below the stock’s Rs 733.80 closing price on Friday.

Kacholia sold another 56,260 shares on the BSE Ltd., exchange data showed. His total stake in the company is down to 2.17 percent from 7.21 percent as reported in June.

Meanwhile, EQ India Fund, led by mid-cap stock picker Porinju Veliyath, bought 48,000 shares of the company at Rs 590.24 each, according to NSE data.

The company had reported a 28 percent year-on-year rise in net profit to Rs 32 crore in April-June quarter. Revenue fell 4 percent to Rs 229 crore during the three-month period. Operating margins expanded by 550 basis points to 24.2 percent.

Shares of the company slumped nearly 25 percent in two sessions. The stock traded at over an 19-month low at Rs 559.80 as of 9:55 a.m. It is down over 40 percent so far this year, compared to a 9.7 percent gain in the NSE Nifty 50 Index.