Dabur falls over 3% amid stake sale buzz via block deal

Shares of consumer goods company Dabur India fell over 3% to Rs 569 in Tuesday’s intraday trade on BSE amid likely block deals in the counter.

Reports on Monday suggested that the Burman family, which owns the FMCG major, is likely to sell its stake worth Rs 800 crore through a block deal. As of September-end, the Burman family together held a 67.24% stake in Dabur India.

Goldman Sachs is the broker of the deal. Dabur is among the few stocks in the FMCG space to have underperformed in 2022.

At 10.22 am, the shares of Dabur India were trading 2.6% lower at Rs 573.35 over its previous day’s closing price of Rs 588.75. The stock has gained just 3% in the last one year.

As per Trendlyne data, the highest target price for the stock goes up to Rs 720, while the average target price estimate is Rs 633, which shows an upside potential of 7.4% from the current market prices.

Out of the 38 analysts covering the stock, 30 have strong buy and buy ratings, while eight have hold ratings.

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