Shares of The Phoenix Mills lost over 9 percent on Tuesday after nearly 1.5 crore shares, representing about 10 percent equity stake worth Rs 1,055 crore changed hands in multiple block deals at an average of Rs 667 per share. The names of the buyers and sellers could not be ascertained immediately. According to sources, promotors are likely to have offloaded shares via the block deals today. The stock fell as much as 9.5 percent to Rs 655.65 per share on BSE.

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For the June quarter, the company posted a net loss of Rs 52 crore, as against its net profit of Rs 153.71 crore in Q1FY20. Its revenue from operations came in at Rs 134.7 crore versus Rs 615.04 crore in the year-ago quarter.

Also, the real estate developer, earlier this week, raised Rs 1,100 crore via its Qualified Institutional Placement (QIP). It allotted shares to the Government of Singapore, ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund in his issue.

HDFC Institutional Equities said that the COVID-19 outbreak has hit the retail malls sector hard. It added that while, in the near term, this has led to asset values correcting 35-40 percent. It believes that we are a vaccine away from normalcy, and it will be a hard road over the next 12-15 months.

First Published:Aug 25, 2020 12:25 PM IST