Shares of footwear company Campus Activewear fell as much as 7 percent in trade on Wednesday, hitting a new 52-week low, after nearly 3 percent of its equity changed hands in multiple block deals.

Share Market Live

NSE

According to data, 91 lakh shares of the company worth Rs 265.2 crore changed hands on Wednesday at a price of Rs 295 per share. Buyers and sellers were not immediately known.

The block deal price translates into a discount of 2.6 percent from the stock’s previous close of Rs 302.85 on Tuesday on BSE. As many as seven block deals took place on the stock today.

Reacting to the same, the Campus Activewear stock declined as much as 6.7 percent in intra-day trade on Wednesday to hit its 52-week low of Rs 282.75.

This drop takes the share price below its IPO price Rs 292 apiece. Campus Activewear went public in May last year. The stock had hit its all-time high of Rs 640 in October 2022 and is now down almost 56 percent from those levels.

The company will be reporting its June quarter results on August 10.

During the March quarter, Campus Activewear's revenue and profit growth was flat year-on-year due to subdued market demand and a 50 percent rise in selling, general and administrative expenses, led mainly by advertising.

After the company’s earnings, equity research firm Motilal Oswal had said that Campus Activewear’s strong market position and a long runway for growth should help it see recovery by the second half of fiscal 2023-24 once the market recovers. It had recommended a ‘buy’ rating on the stock with a price target of Rs 425 in its research report dated May 30, 2023.

Shares of Campus Activewear are trading 3.8 percent lower at Rs 291.35.