On Friday, Campus Activewear shares fell 7% to Rs 345.10 on the NSE in intraday trade after more than 9% of its total share capital changed hands on the exchange.

About 27.93 million shares, or 9.17% of the total share capital of Campus Activewear, changed hands on the NSE as of 9:33 am, exchange data showed. A total of 29.2 million shares changed hands on the NSE and BSE, accounting for 9.6% of the total share capital of the footwear company. The names of the buyer and seller were not immediately identified.

Private equity firm TPG plans to sell a 7.62% stake in Campus Activewear worth Rs 800 crore at Rs 345 per share in a block deal, according to media reports.

According to shareholding pattern data, as of December 31, 2022, TPG Growth Iii Sf Pte Ltd holds 23.21 million shares of Campus Activewear.

Campus Activewear is India’s largest athleisure footwear brand. The company manufactures and sells a wide range of footwear, such as running shoes, walking shoes, loafers, floaters, slippers, flip flops and sandals in various colours and styles at affordable prices. Campus Activewear sells its products through online platforms and offline stores.

The company made its stock market debut on May 9, 2022. The company issued shares at Rs 292 each in its initial public offering (IPO). The stock hit an all-time high of Rs 640 on October 19, 2022. It hit an all-time low of Rs 296.85 on June 20, 2022.

Campus Activewear has underperformed the market over the past six months, falling 42% compared with a 1.4% drop in the Nifty 50.

“The Indian sports and athleisure footwear market is inflexible with rising fitness quotients among Indian consumers, including metropolitan, second-tier cities, and hinterlands. Sustainable growth in 2020, focusing on premiumisation, product diversification across product segments and categories, and pan-India distribution network,” the company’s management said in announcing its December quarter results on February 14, 2023.