Sky Gold shares fall another 5% after promoters sell stake; Stock under ASM Stage 3

Promoter entities of Sky Gold and Diamonds Ltd. sold over 5% stake in the company via block deals on Wednesday, according to data available on the exchanges. The stock is in a 5% lower circuit on Thursday, June 19, for the third day in a row.

Sky Gold's promoters, Mangesh R Chauhan HUF (26.5 lakh shares), Darshan R Chauhan HUF (26.5 lakh shares), Mahendra C Chauhan HUF (17 lakh shares) were among those classified as sellers in the transaction.

Based on the number of shares sold, promoters of Sky Gold sold 4.77% stake in the company on Wednesday. Shares changed hands at an average price of ₹348.6 per share, taking the total transaction value to ₹244 crore.

As per the March quarter shareholding, Mangesh R Chauhan HUF, Darshan R Chauhan HUF and Mahendra C Chauhan HUF had a 2.19% stake each in the company. In their individual capacities, Mangesh and Darshan Chauhan have over 17% stake each, while Mahendra C Chauhan has a 15.73% stake.

Promoters of Sky Gold had a 58.18% stake in the company at the end of the March quarter.

Bank of India Mutual Fund was a buyer in the Sky Gold block deal on Wednesday, acquiring 7.8 lakh shares at an average price of ₹346 apiece.

Bank of India MF did not have any prior stake in Sky Gold or its holdings were less than 1%. India's Mutual Funds have a 5.3% stake in Sky Gold, of which, the Motilal Oswal Small Cap Fund has a 4.33% stake.

Kotak Mahindra Life Insurance Company has a 1.79% stake in the company, while nearly 80,000 retail shareholders, or those with an authorised share capital of up to ₹2 lakh, have a 12.72% stake in the company at the end of the March quarter.

Shares of Sky Gold are currently under Stage 3 of the Long-term Additional Surveillance Measures (ASM) framework, which means that the stock requires an upfront margin of 100% to trade and has a circuit filter of 5% currently.

Shares of Sky Gold are locked in a 5% lower circuit on Thursday at ₹327. This is the fourth day of losses for the stock, that has corrected more 30% from its recent 52-week high of ₹488. The stock has also corrected more than 25% since trading adjusted for its 9-for-1 bonus issue back in December 2024.