Bata India dives after 2.8% promoter stake sale; stock down 8% in a week

On June 1, 2022, BATA (BN) B V, the promoter of Bata India, divested 3.6 million shares or 2.8 per cent stake of the footwear company for nearly Rs 613 crore through open market transactions.

Shares of Bata India traded lower for seventh straight day, down 3 per cent at Rs 1,725 on the BSE, in Wednesday’s trade. The stock fell 8 per cent after the promoter divested nearly 3 per cent stake in the company through open market last week. In comparison, the S&P BSE Sensex was down less than 1 per cent, during the same period.

In the past six months, the stock of footwear company has underperformed the market by falling 13 per cent, as against 6 per cent decline in the benchmark index.

On June 1, 2022, BATA (BN)