ABFRL Shares Plunge 10% as Flipkart Offloads 6% Stake in Block Deal

a Fashion and Retail Ltd. (ABFRL) saw its shares drop 10% after a block deal involving 6.2% of its equity, with Walmart-owned Flipkart likely selling its entire 6% stake for approximately Rs 600 crore. Goldman Sachs reportedly facilitated the transaction. ABFRL, which owns brands like Pantaloons and Allen Solly, has been navigating a competitive retail market in India. Flipkart Investments, a Category II foreign portfolio investor, is restructuring its portfolio, prompting the exit. In the March quarter, ABFRL narrowed its consolidated net loss to Rs 23.55 crore from Rs 266.36 crore a year ago, with revenue rising to Rs 1,719.48 crore from Rs 1,575.12 crore. Total expenses reached Rs 1,959.53 crore. The block deal reflects shifting strategies in India’s retail sector, with market dynamics continuing to evolve. Stay updated with live market developments.