Shares of Gokaldas Exports fell 4% to Rs 390 on NSE in intraday trade on Thursday after more than 10% of the apparel company changed hands in a block trade.

Exchange data showed that about 8.15 million equity shares, or 13.5% of Gokaldas Exports’ total share capital, had changed hands on the NSE as of 9:23 am. The names of the buyer and seller could not be immediately identified.

According to a report, private equity (PE) firm Clear Wealth Consultancy Svcs LLP wants to sell an 8.25% stake in Gokaldas Exports in a block deal today. The size of the big deal was close to Rs 234 crore.

Shareholding pattern data shows that as of December 2022, Clear Wealth Consultancy Svcs LLP, the promoter of Gokaldas Exports, holds 12.46 million shares or 20.56% of the company.

However, despite today’s decline, the stock has outperformed the broader market over the past month, gaining 9% against a 1% decline in the Nifty 50 index.

Gokaldas Exports is one of the leading garment exporters in India, with an annual capacity of over 36 million pieces. Gokaldas produce sophisticated clothing products, which makes them free from other price-based competition.

The company has an impressive clientele of leading international brands, of which “GAP” and “H&M” are major contributors to revenue. The US contributed nearly 80% of sales.