Shares of Sula Vineyards took a hit and were trading at an intraday low of Rs 484 on 31 August after a 13.1% stake changed hands via a block deal.

Around 1.1 crore shares that amount to 13.1% stake of the company changed hands at an average price of Rs 490 per share, for a total transaction value of Rs 540 crore.

Initially, it was not identified who was involved in this transaction, but the CNBC channel reported that earlier, Verlinvest Asia Pte, a major institutional investor in the company, was looking to pare a 12.6% stake.

Post the sale, Verlinvest Asia Pte, which had a total holding of 18.64% stake, will be left with a 5.54% stake that will be locked for 60 days.

During its quarterly report for the April-June quarter, the company reported a 24.4% YoY increase in its net profit.

In August, the company reported its highest three-day sales, individual tastings, and visitors on 12-14 August at its wine-tourism facilities in Nashik and Bengaluru.

At 12:05 pm, the shares of Sula Vineyards were trading at Rs 490.50 or 3.58% below its previous close on NSE.