Promoter Reliance Retail Ventures sold 2% stake in Just Dial through the open market on Wednesday. Retail sold 8,43,059 shares of at Rs 600.02 apiece on the BSE, and 8,43,060 shares at Rs 600 apiece on the NSE, bulk deals data showed.
Weighed down by the selling, shares of Just Dial ended nearly 3% down at Rs 589.85 on the BSE. Earlier this week, Reliance Retail had informed exchanges that it planned to sell 2% stake in Just Dial in order to comply with regulatory requirements.
Promoter and promoter group entities together hold 76.98% stake in Just Dial. According to regulatory norms, the total promoter holding in a company must not exceed 75%. Reliance Retail held 66.40% stake as of September 30. It intends to complete the sale of the shares within a period of 8 trading days beginning today.
Among the listed subsidiaries of
, shares of Just Dial have been one of the major laggards this year. Year-to-date, the stock has fallen 28%, ending three consecutive years of positive returns. In the last three years, the stock has seen strong double-digit gains.
Just Dial was acquired by Reliance Industries through its arm Reliance Retail Ventures in September 2021. The acquisition was aimed at boosting Reliance Retail’s customer traffic. Just Dial’s search engine provides various services to users across India through multiple platforms such as websites, apps, over the telephone, and even text messages.
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