Vishal Mega Mart's Stocks Fall to a Record Low on Dalal Street
After 937 million shares, or 20 percent of the company, changed hands in what is probably a promoter entity selloff, Vishal Mega Mart's stock fell to a record low on Dalal Street.
The stock price of Vishal Mega Mart, a fashion-focused hypermarket chain, dropped 9.09 percent during the day to Rs.113.5 a share, the worst decline since the firm's debut in December of last year.
In contrast to the Nifty 50's 0.27 percent decrease as of 9:50 AM, the stock trimmed losses to trade six percent lower at Rs.117.3 apiece.
The stock has dropped more than 10 percent from its previous highs of 131.9 earlier this month and is now trading at its lowest level since May 2 of this year.
This year, the counter has increased by 10.3 percent while the benchmark Nifty 50 has decreased by 5.2 percent. The overall market value of Vishal Mega Mart is Rs.54,122.23 crore.
The stock had the lowest performance on the index and was the most traded by volume on the Nifty Midcap 100.
But according to a previous reports, Samayat Services LLP, the promoter of Vishal Mega Mart, intends to fund up to Rs.9,900 crore through open market transactions.
It raised the offer to 900 million shares after first offering about 459.7 million shares.
As of the March 2025 quarter, Samayat Services owned over 3.4 billion shares, or roughly 74.55 percent of all shares in circulation, according to BSE data.
The stake sale floor price was established at Rs.110 per share, which was 11.9 percent less than the closing price early this week. Morgan Stanley and Kotak Securities served as the transaction's principal managers.
On December 18, Vishal Mega Mart's shares made their debut on the national stock exchanges following a 27.28-time subscription to the Rs.8,000 crore offering, which was primarily spearheaded by Qualified Institutional Buyers (QIBs).
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With a net profit that increased by 88.03 percent year over year to Rs.115.11 crore from Rs.61.22 crore in the same time previous year, Vishal Mega Mart recorded a dramatic improvement in its financial performance for the March 2025 quarter. Strong growth was also seen in the company's revenue for the quarter, which increased by 23.15 percent to Rs.2,547.89 crore from Rs.2,068.93 crore in the same period last year.