Granite manufacturing firm Pokarna declined over 2 per cent on Monday after stake sale by investor Ashish Kacholia.He sold off 3.60 lakh shares in the company on Friday.The scrip dropped 2.24 per cent to Rs 174.90 at around 10 am.
The BSE Sensex came off 25 points, or 0.07 per cent, at 35,596.
Kacholia sold 1.60 lakh shares of Pokarna at a price of Rs 177.95, according to BSE bulk deal data.
He also gave up 2 lakh shares of the company at Rs 177.76 on the National Stock Exchange.Kacholia held 7.34 per cent stake, or 22,74,714 shares, in the firm as of March 31.Pokarna is into the business of processing and sale of granite slabs, mining and sale of granite blocks.
The company offers natural stones surfaces.The scrip had hit its 52-week high of Rs 285 on July 18, 2017, and 52-week low of Rs 148.50 on June 5, 2018.It recently posted a consolidated net profit of Rs 13.54 crore for the March quarter.
Net profit read Rs 19.76 crore in the same quarter last year.Consolidated revenue from operations went down to Rs 88.68 crore in Q4 FY18, from Rs 97.47 crore a year before.