Honasa Consumer share price slumps 5% after 66 lakh shares change hands via block deal

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₹291 crore that took place on the bourses, as per media reports.According to Moneycontrol, the transaction involved the transfer of around 66.20 lakh shares, representing a 2% ownership in Mamaearth's parent company. The block sale was completed at an average price of ₹439 per share, representing a more than 4% reduction from the stock's previous close of ₹457.95 per share.Moneycontrol noted in its news report that it was unable to quickly identify the parties involved in the sale.

CNBC-TV18 reported, citing sources, that Fireside Ventures and Sofina Ventures were the likely sellers in the purchase.Also Read: HUDCO, NBCC shares jump over 8% after govt approves assistance for 3 crore more houses under PMAYAccording to a CNBC-TV18 story, Fireside Ventures and Sofina Ventures sought to sell up to 2% of Mamaearth's parent company in a block sale for ₹273.2 crore. Despite the fact that the two investors are the most likely sellers in this transaction, the amount of share offloaded by each entity is unknown.According to the most recent shareholder data, Fireside Ventures Investment Fund owned 5.28% of Honasa Consumer, while Sofina Ventures held 6.16%.

Honasa Consumer share price opened at ₹440.60 apiece on BSE, the stock touched an intraday high of ₹443.70, and a low of ₹435.05 apiece. Also Read: Midcaps, smallcaps strongly outperform Sensex in 2024 despite valuation concerns; what is driving broader market?According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, no major traction has been seen since last week; however, prices are already trading in a bullish breakout, and a move beyond 450 could trigger a resumption of the upmove.