Shares of Aditya Birla Fashion & Retail #ABFRL declined 10 percent to Rs 77 per share on June 4 as around 7.6 crore shares or 6.23 percent equity worth Rs 617 crore change hands at Rs 81 per share.
According to reports, Walmart-owned Flipkart was set to offload its entire 6 percent stake in ABFRL through a block deal estimated to be worth nearly Rs 600 crore and Goldman Sachs is reported to be the broker facilitating the transaction.
Flipkart Investments is registered as a Category II foreign portfolio investor in India. The proposed exit is seen as part of Flipkart's broader strategic portfolio restructuring amid shifting priorities in India’s intensely competitive retail landscape.
In the March quarter, ABFRL reported a consolidated net loss of Rs 23.55 crore, significantly narrowing from a loss of Rs 266.36 crore in the same quarter last year. Revenue from operations rose to Rs 1,719.48 crore, up from Rs 1,575.12 crore a year earlier. Total expenses for the quarter stood at Rs 1,959.53 crore.
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