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Shares of Bajaj Consumer have slumped 19.41% in two trading sessions to end at Rs 195.55 yesterday, from a recent closing high of Rs 242.65 on Friday, 11 October 2019.
Bajaj Consumer Care's promoter, Bajaj Resources, sold 3.22 crore shares, representing 22% stake, of Bajaj Consumer Care at an average price of Rs 194.56 on Tuesday, 15 October 2019.
Fund houses like Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Steinberg India Emerging Opportunities Fund, were among the buyers of shares.
As on 30 September 2019, Bajaj Resources held 59.9% stake in Bajaj Consumer Care.
In March 2019, Bajaj Resources sold 6.85% stake in the FMCG firm at Rs 316.42 each through an open market transaction.
As per the company's exchange filing dated 14 October 2019, Bajaj Resources encumbered 5.61 crore or 63.38% of their total holding in the company.
Bajaj Consumer Care declared its Q2 result on Saturday, 12 October 2019. On a consolidated basis, Bajaj Consumer Care's net profit rose 11.2% to Rs 56.03 crore on a 3.2% increase in net sales to Rs 214.22 crore in Q2 September 2019 over Q2 September 2018.
With the change in corporate income tax rates, effective tax rate of the company has reduced to 17.5% from 21.5%, resulting into increase in PAT by Rs 5.73 crore for HY1 FY20 (Rs 3.05 crore for Q1 FY20 and Rs 2.68 crore for Q2 FY20).
Meanwhile, the S&P BSE Sensex was up 17 points or 0.04% to 38522.73.
On the BSE, 3.45 lakh shares were traded in the counter so far compared with average daily volumes of 46.09 lakh shares in the past two weeks. The stock hit a high of Rs 234.65 and a low of Rs 221.25 so far during the day.
The stock hit a 52-week high of Rs 399.45 on 17 Oct 2018. The stock hit a 52-week low of Rs 193 on 15 Oct 2019.
Bajaj Consumer Care has presence in the hair oil category with brands like Bajaj Almond Drops Hair oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Hair oil and Bajaj Jasmine Hair oil. The company ventured into the skin care category with the acquisition of Nomarks brand.
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