Sula loses its fizz

Sula Vineyards is currently the top loser on the BSE, opening almost 4.5% lower at Rs.590, going down to an intraday low at Rs.517.35, a fall of 7.5%.

Institutional investor, Verlinwest Asia is exiting the company, offloading its entire 8.34% stake through large deals in the open market.

The floor price was set at Rs.570/share v/s Friday’s closing price of Rs.617.55, fetching Velinvest more than Rs.400 crore.

This is Verlinvest’s second tranche of selling; the first one was in 2023, when it sold more than 12% stake, earning the company over Rs.350 crore. At that time, Morgan Stanley, HDFC Mutual Fund, Societe Generale were the buyers.