Fidelity managed funds sold PC Jeweller shares
Fidelity sold its shares in open market which has kept the stock in the pressure.
Funds under FMR LLC and its subsidiaries holding has declined by ~2.5% in PC Jeweller. In its filing to BSE, PCJ mentioned that Fidelity managed funds have sold 46,88,466 shares (~1.19% stake) on April 27, 2018 taking the total holding to 7.04%. Fidelity sold its shares in open market, which has kept the stock in pressure.
In an earlier filing on BSE, Fidelity’s holding as on April 20, 2018, in the company was ~9.6% compared to ~7% currently, indicating a total disposal of ~1cr shares. However, this does not change the fundamentals of the company.
Stock is down ~82% from its 52 week high of Rs600.65 since mid-January. Company has also informed the exchanges that its board will meet on May 25, 2018 to consider a proposal to buyback its shares.
Earlier on April 27, 2018, company has clarified regarding the sharp fall in stock price, informed exchanges that none of the promoters of the company have sold any shares in the market. However, one of its promoters, Padam Chand Gupta has gifted some of his shares to his family members through an off-market transaction.