Eveready Industries hits four-year low; falls 12% in three days

Eveready Industries shares hit an over four-year low of Rs 156, down 5 per cent in the intra-day trade on Wednesday. It has fallen 12 per cent in the past three days after the company said its promoters' holding in the company declined due to invocation of shares. The stock of non-durable household products company was trading at its lowest level since November 14, 2014.

According to disclosure, the promoter Williamson Magor & Co holdings in Eveready Industries declined by 0.24 percentage points to 23.43 per cent after the invocation of shares.

The lenders sold 177,100 shares worth Rs 3.66 crore of the company on March 11, 2019, the company informed stock exchange on Monday, April 22, 2019. CLICK HERE TO READ FULL DETAILS

Meanwhile, during the past six weeks, since March 6, the market price of Eveready Industries declined 26 per cent after DSP Trustee, which held 4.89 per cent stake in the company, sold 3.8 per cent or 2.76 million shares via open market. The shares were sold at a price of Rs 200 per share.

DSP Trustee Private Limited is the Trustee for the schemes launched by DSP Mutual Fund and DSP Alternative Investment Fund.

As per March 2019 shareholding pattern data filed by Eveready Industries, reveals that total promoters holdings in the company declined to 44.11 per cent from 44.35 per cent at the end of December 2018 quarter.

Mutual funds also reduced their stake in the company to 4.42 per cent from 11.6 per cent during the quarter. Foreign institutional investors (FIIs) however, increased their holding in the company to 19.2 per cent from 14.59 per cent earlier, data shows.