BNP Paribas, Societe Generale & Millennium Sell Lenskart Shares Via ₹2,670 Cr Block Deals

Financial services giants BNP Paribas and Societe Generale and US-based hedge fund Millennium Management have offloaded omnichannel eyewear giant Lenskart’s shares worth ₹2,670.2 Cr via multiple bulk deals. 

As per NSE data, BNP Paribas Financial Markets sold 1.3 Cr Lenskart shares at ₹662.22 apiece to rake in ₹855 Cr, while Societe Generale sold 1.4 Cr shares at ₹661.5 each to lap up ₹930.8 Cr. 

Meanwhile, Millennium Management, via its affiliate Integrated Core Strategies (Asia) Pte Ltd also dumped nearly 1.4 Cr shares of the eyewear giant for ₹661.15 each to rake in ₹893.3 Cr.

Of the shares that flooded the market, asset management giant BlackRock lapped up 2.83 Cr shares at ₹662.63 apiece for ₹1,876.3 Cr. Separately, BlackRock also 3.1 Lakh shares for a sum of ₹20.3 Cr.

Besides selling a big chunk of their stakes, BNP Paribas and Societe Generale also lapped up shares worth ₹98.6 Lakhs and ₹2 Cr, respectively. 

The stake sale came as Lenskart, besides Groww, was included in the MSCI global standard index. However, this is not the first time that Lenskart is seeing a major selloff in the past couple of months.

Last week, early backer Alpha Wave Ventures sold 2.94 Cr shares of the omnichannel eyewear giant for ₹1,856.8 Cr. In August itself, Japanese tech giant SoftBank also offloaded Lenskart stake worth ₹2,887.9 Cr. 

In July, Temasek also dumped 2.05% stake in the omnichannel eyewear company for ₹1,934 Cr, while Abu Dhabi Investment Authority (ADIA) sold 4 Cr shares of the company in a block deal for ₹1,960 Cr in June. 

The bulk deals come as investors look to book profits amid a healthy jump in Lenskart stock price. Shares of the company have zoomed 26.5% in the past three months and are up 46.9% on a year-to-date (YTD) basis. 

This has come on the back of multiple brokerages raising their target prices on the eyewear giant after its healthy Q1 FY27 results. While Jefferies raised its target price for Lenskart to ₹680 from ₹600, Macquarie raised its target price to ₹675 from ₹625. 

The positive outlook came as the omnichannel eyewear giant’s consolidated net profit surged 273% to ₹228.4 Cr in Q1 FY27 from ₹61.2 Cr in the year-ago quarter. Operating revenue jumped 43% YoY and 8% QoQ to ₹2,714.2 Cr.

Shares of Lenskart closed Monday’s trading session 4.15% higher at ₹662.55 on the BSE.

The post BNP Paribas, Societe Generale & Millennium Sell Lenskart Shares Via ₹2,670 Cr Block Deals appeared first on Inc42 Media.