Mrs Bectors Food shares plunge 9% post block deal

New Delhi: Mrs Bectors Food Specialities tumbled as much as 9 per cent during early trade on Wednesday, following a reported block deal in the counter.

On the National Stock Exchange(NSE), about 1.47 crore shares exchanged hands, whereas over 9.36 lakh shares traded on BSE. However, ETMarkets.com could not ascertain the details of the deal at the time of writing this report.

According to an ET Now report, 9.45 million shares changed hands in two bunch trades, which is about 16 per cent of the equity of the company.



Following the trade, the stock plunged 9 per cent to Rs 307 on BSE before recovering to Rs 318.85 at 10.20 am. The scrip had settled at Rs 337.25 on Tuesday.

The company had reported a 25 per cent year-on-year (YoY) decline in profit after tax (PAT) at Rs 16 crore in December 2021 quarter due to higher raw material and packaging costs, despite a 17 per cent rise in revenue to Rs 263 crore.

Mrs Bectors Food Specialities got listed in December 2020, with a record subscription of more than 199 times, thanks to heavy bidding from HNI and institutional buyers.

Incorporated in 1995, it is one of the leading companies in the premium bakery segment and premium and mid-premium biscuit segment in North India. It sells its products under its flagship brand 'Cremica' and 'English Oven'.

The stock had listed at a premium of 74 per cent over its issue price of Rs 288. However, the company has given up a majority of gains and is now trading just 10 per cent above the issue price.