A visitor eats an ice cream (Photographer: Chris Ratcliffe/Bloomberg)

Ashish Kacholia Sells Rs 30-Crore Stake In Vadilal Industries In Two Days

Well-known investor Ashish Kacholia’s interest in ice-cream maker Vadilal Industries Ltd. continues to melt.

Paring stake in the company for the second straight day, he sold about 1.42 lakh shares or 1.98 percent on the National Stock Exchange at Rs 548.35 apiece yesterday, according to the data available on the bourse. On Monday, Kacholia had sold about 3.62 lakh shares (5.04 percent) of the ice cream maker at Rs 612.18 each on the NSE and another 56,260 shares on the BSE at Rs 604.05 apiece.

In all, Kacholia got nearly Rs 30 crore from the stake sale in the last two trading sessions and his ownership fell to meagre 0.21 percent from 7.21 percent as of June.

Vadilal reported a 28 percent year-on-year rise in net profit to Rs 32 crore in the 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.

Its shares ended 1.31 percent lower at Rs 581.55, the lowest in nearly 18 months, yesterday. It’s down over 40 percent so far this year, compared with a 9.8 percent gain in the NSE Nifty 50 Index.