Honasa Consumer Ltd fell as much as 4% to a day low of Rs 444.45 on 29 September after a block deal worth Rs 643.4 crore hit the stock.

About 1.4 crore shares of the Mamaearth parent, or 4.4% of its equity, changed hands at an average of Rs 450 apiece, according to exchange data. The buyers are still unknown.

Sources told a day earlier that Peak XV Partners Investments VI, Sequoia Capital Global Growth Fund III and Redwood Trust planned to sell up to 2.73% through block deals worth about Rs 400 crore, with a floor price of Rs 450.

The final deal came in far bigger than that plan. Sources had pegged the sale at 89 lakh shares.

Honasa’s June quarter numbers, reported last month, showed sharp growth. Net profit more than doubled to Rs 90.2 crore from Rs 41.3 crore a year earlier, and revenue rose 27% to Rs 756 crore.

The company also went ex-dividend on 28 August for a Rs 3 per share payout. Those sellers face a 45-day lock-in on further sales.

As of the June quarter, Peak XV held 14.8% in Honasa and the Sequoia fund held 3.44%, while Redwood Trust likely holds under 1%. Promoter entities held 35.47% and public shareholders 64.53%.

Volumes were heavy too. The company’s total market value stood at Rs 14,754.23 crore.

At 9:39 am, Honasa Consumer was trading at Rs 452.55 on NSE, down Rs 13.50 or 2.90% from the previous close.

It’s still up nearly 60% this year, though well below its 52-week high of Rs 509.80 from 17 August.

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