Data on the exchanges reveals that Motilal Oswal Mutual Fund, and Bajaj Finance Ltd., both sold shares of the company on Friday, further pressuring the stock.
Motilal Oswal MF sold 2.7 lakh shares of the company at an average price of ₹211.14. That is still a very small portion of the 7.11% stake or 37.87 lakh shares of the company it held at the end of the March quarter as part of its Focused Fund.
Bajaj Finance, whose name does not feature in the March quarter shareholding, also sold 3.09 lakh shares of the company at an average price of ₹196.32 per share.
While Motilal Oswal sold 0.5% of the company’s outstanding equity, Bajaj Finance sold 0.58% of the company’s total outstanding.
Motilal Oswal is the only Mutual Fund that owns stake in Dreamfolks Services as part of its March quarter shareholding. Other shareholders include Mobius Investment Trust Plc, with a 1.46% stake, while 1.14 lakh small retail shareholders, or authorised share capital of up to ₹2 lakh, had a 20.65% stake in the company.
In an exclusive interaction with CNBC-TV18 last week, Dreamfolks’ CMD Liberatha Peter Kallat highlighted that the company’s clients were being pressured by competition to opt out of existing contracts with them and that the company too had indirectly received acquisition offers. She accused the existing airport operators of pressuring the company’s clients, without directly naming them.
A day after the interaction, Adani Airports CEO, in a post on social media platform LinkedIn, highlighted that lounge access on airports no longer requires middlemen and can be done directly through airport operators.
Shares of Dreamfolks Services ended 12% lower on Friday at ₹190.98, declining for the fourth straight session. The stock is down 52% so far this year.
