Just Dial shares zoom over 6% as HDFC Mutual Fund buys 4.6% stake in company

By: | Published: September 6, 2017 10:35 AM

Shares of the local search engine Just Dial advanced over 6% on Wednesday after HDFC Mutual Fund purchased 32.06 lakh shares out of 36 lakh shares sold by private equity firm Sequoia earlier yesterday.

The stock of Just Dial rose as much as 6.76% to the day’s high of Rs 403 on NSE today.

Shares of the local search engine Just Dial advanced over 6% on Wednesday after HDFC Mutual Fund purchased 32.06 lakh shares out of 36 lakh shares sold by private equity firm Sequoia earlier yesterday. PE major Sequoia yesterday sold nearly 36 lakh shares of Just Dial for a little over Rs 135 crore through open market transactions. According to bulk deal data of the NSE, the private equity major offloaded 35.98 lakh shares, or 5.17% stake, in Just Dial. The stock of Just Dial rose as much as 6.76% to the day’s high of Rs 403 on NSE today.

Sequoia Capital India Growth Investment Holdings I sold 14.94 lakh shares, SCI Growth Investments II and Sequoia
Capital India Investments III disposed of 13.93 lakh and 7.11 lakh, respectively. The shares were offloaded in the range of Rs 375.27- 375.55 per piece, valuing the transaction at Rs 135.09 crore, according to the data. Among the major buyers was HDFC Mutual Fund, which purchased 32.06 lakh such shares – 4.6% stake in the company at Rs 375 on the NSE.

Just Dial shares are on a losing streak since last year as the stock has lost nearly 20% of its value to the today’s high price of Rs 402.4 from September 2016. And over the course of last six months, the shares of the local search engine has dipped around 27% from March 2017.

Meanwhile, Sensex and Nifty opened lower on Wednesday as Asian stocks fell in the early morning trade following a slump in Wall Street stocks overnight. BSE Sensex lost 96 points to open at 31,713.5 points while NSE Nifty fell 53 points to open at 9,899.25. Within minutes of trading, the benchmark Sensex dipped as much as 223 points to the day’s low of 31,586.53 points and the broader Nifty 50 lost 69 points to the day’s low of 9,882.55 points.

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