Shares of veteran billionaire investor Radhakrishnan Damani-run Avenue Supermarts saw their worst intra-day fall, as the stock plunged by more than 6% on Friday, after the company said that the promoter will sell up to 1% stake in the company.\u00a0"Radhakishan Shivkishan Damani, one of our promoters, has conveyed to us his intention to sell the equity shares.of the company to enable us to comply with the requirements of minimum public shareholding," Avenue Supermarts said in a BSE filing. According to the company\u2019s statement, Radhakrishnan Damani will sell up to 1 per cent of the total paid up equity share capital of the company aggregating to 62,40,844 shares. Translated at current market price of Rs 1,424 apiece, the amount works out to Rs 888.69 crore. Further, the statement said that the share will be in the period beginning from May 21 to June 14 or the actual date of completion of sale of all equity shares, whichever is earlier. \u00a0According to current SEBI guidelines, every listed firm would need to maintain a public shareholding of at least 25 per cent. Listed public sector companies have been provided additional time till 21 August, 2018, to comply with the requirements. Avenue Supermarts, which runs the D-Mart chain has reported a 73 per cent on-year rise in net profit to Rs 167 crore for the March quarter. In the same period last fiscal, the company had reported a \u00a0net profit of Rs 97 crore profit in the year-ago quarter. After its IPO in March-17, Avenue Supermarts have risen by nearly 5 times. The shares had a blockbuster IPO, and listed at Rs 603, as against the issue price of Rs 299, even as a few brokerages had advised investors to stay neutral on the issue given rich valuations. Now , more than an year later, the share prices have soared to Rs 1,421, implying a return of nearly 500%. \u201cThe current valuations for DMart will require the company to grow at over 50% for the next year continuously while generating strong free cash flows. This is unlikely. While it is true that strong growth will continue, the current valuations reduce future returns potential as most of the positives are already built in. Investors will need to wait out for some bad news or bad results to take exposure at cheaper valuations.,\u201d investment advisor Sandip Sabharwal told in a recent note to FE Online.