Shares of Lenskart Solutions Ltd fell sharply in Thursday’s trade amid reports of a potential block deal and the expiry of the company’s IPO lock-in period.
The stock declined over 2% on the BSE in early trade and was trading around Rs 475.80, down Rs 12.20 intraday.
Market chatter around a possible institutional stake sale weighed on investor sentiment. According to reports, nearly 4% equity stake in the company could change hands through block deals.
The pressure on the stock also comes as Lenskart’s six-month IPO lock-in period expired today, making a large number of shares eligible for trading.
Brokerage estimates suggest that around 104.7 crore shares worth more than Rs 51,000 crore have become eligible for trade following the lock-in expiry.
While lock-in expiry does not necessarily mean investors will immediately sell their holdings, markets often react cautiously due to the possibility of increased supply in the secondary market.
Several early investors and pre-IPO shareholders, including large institutional backers, were covered under the lock-in restrictions.
Analysts said the decline in the stock appears to be driven more by concerns around potential supply pressure than by any change in the company’s fundamentals.
Block deals typically involve large transactions between institutional investors and are closely tracked by markets because they can influence near-term stock movement and investor sentiment.
Despite the decline, the stock remains in focus among investors due to strong interest in new-age consumer and retail technology companies.