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Go Fashion (India) Ltd., which runs the bottom-wear brand Go Colors, is in focus on Tuesday after venture capital firm Sequoia Capital sold shares in the company through open market transactions.

Sequoia Capital India Investments IV on Monday sold 20 lakh shares in Go Fashion at an average price of Rs 1,140.14 per share. This translates to a transaction size of Rs 228.02 crore.

Consequently, shares of Go Colors closed nearly 5 percent lower on Monday at Rs 1,136.1 apiece. On Tuesday, the stock opened in the green, trading slightly higher at Rs 1,141.50. Notably, the stock has lost nearly 15 percent in the last month.

The block deal comes days after Go Fashion’s pre-IPO lock-in period ended on November 25, making 46.6 percent of its holding eligible to be sold.

Canara Robeco Mutual Fund, which bought 3.2 lakh shares via Canara Robeco Small Cap Fund at an average price of Rs 1,140 per share, translating into a deal size of Rs 36.48 crore, was among the major buyers of Go Colors stock on Monday.

During the September quarter, Go Fashion recorded a 3.76 percent rise in its profit after tax (PAT) at Rs 19.3 crore compared to Rs 18.6 crore during the year-ago quarter.

Total revenue during the quarter stood at Rs 165.8 crore, 48 percent higher than the Rs 112.1 crore seen in the year-ago quarter.

The company said it had opened 36 new stores during the September quarter and 66 in the first six months of the financial year.

Shares of Go Fashion are trading at Rs 1,151.70, up 1.33 percent.

(Edited by : Rukmani Krishna)