Go Fashion stock tumbles ~5% as Sequoia offloads stake

12 Jun 2023 , 12:46 PM

Go Fashion’s stock plunged as much as 5% in today’s trade following a block deal by Sequoia Capital. Reportedly, a block deal resulted in the transfer of 11% of Go Fashion’s equity. 

According to media reports, Sequoia Capital was looking to sell 11% of its stake in the company. The US-based venture capital firm sold approximately 57.5 lakh shares.

Following the block deal, the company’s counter fell to its intraday low of Rs 1,135 on heavy volume.

At 9:35 AM, over 74 lakh shares were trading on the NSE, and today’s losses are Go Fashion’s second consecutive loss. The midcap stock has a market capitalization of Rs 6,130 crore. It is trading lower than its 52-week high of Rs 1,453 in November 2022.

At around 12.39 PM, Go Fashion was trading 4.44% lower at Rs 1,141.55 per piece, against the previous close of Rs 1,194.60 on NSE. 

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