Promoter, PE & VC selling crosses Rs 40,000 crore in 2 weeks: Red flag for Nifty bulls?
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Raising eyebrows about stretched valuations and supply overhangs in a soaring market, massive selling by promoters, private equity and venture capital investors has crossed Rs 40,000 crore in June so far as they continue to dump stakes at breakneck pace. Driven by daily large block and bulk deals, the massive selling spree is set to surpass last month's Rs 43,000 crore selling total, with heavyweight transactions dominating the landscape. On Tuesday alone, Vishal Mega Mart's promoter sold a 19.6% stake to mutual funds in a Rs 10,220 crore bulk deal, while Bajaj Finserv's promoter offloaded approximately Rs 5,500 crore worth of shares earlier in the month, according to Prime Database and NSE. The selling frenzy includes some of the market's most prominent names. Walmart-owned Flipkart divested its entire 6% stake in Aditya Birla Fashion & Retail (ABFRL) through a Rs 588 crore bulk deal, while Reliance Industries' Rs...