- By Vaamanaa Sethi
- Mon, 23 Oct 2023 12:15 PM (IST)
- Source:JND
Aditya Birla Fashion and Retail share price plunged over 2% on Monday’s trading session after its subsidiary Aditya Birla Digital Fashion Ventures, had entered into both a shareholder agreement and a share subscription agreement to acquire a 51% stake in Styleverse Lifestyle for a total of Rs 155 crore.
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Aditya Birla Fashion stock was trading 1.9% lower at Rs 225.05 on National Stock Exchange (NSE) on Monday.
“The business was earlier operating under a partnership firm The Indian Garage Co and was transferred into SLPL through Business transfer arrangement,” said Aditya Birla Fashion in a statement.
According to reports, Aditya Birla Fashion share price has dropped over 32.4% in the last one year. In the last half-year, the stock has demonstrated minimal movement, with a modest increase of 0.65%, whereas the Nifty 50 surged by 9.74%.
As of the quarter concluding in September, the company's promoters retained their 55.5 percent stake consistently across previous quarters. Foreign Institutional Investors (FIIs) held 14%, Domestic Institutional Investors (DIIs) had 17% ownership, and the general public accounted for approximately 13%.
During the April-June quarter, the company posted a quarterly net loss of Rs 161.62 crore, in contrast to the profit of Rs 94.44 crore recorded in the same quarter of the previous fiscal year.
