Shares of Shoppers Stop Ltd. rose 6% to hit a day’s high of Rs 668.90 on 18th December, following a large trade worth Rs 236 crore on the exchanges.

A total of 37.6 lakh shares of Shoppers Stop, representing 3.4% of the company, were traded in a large deal at an average price of Rs 628 per share, matching Tuesday’s closing price.

Reports suggest that Amazon.com NV Investment Holdings sold its entire 4% stake, with foreign and domestic institutional investors buying it.

The large deal triggered a surge in trading volumes, with around 1 lakh shares changing hands, nearly double the one-month daily average of 52,000 shares.

Despite today’s gains, Shoppers Stop stock has fallen over 23% in the past three months due to concerns over weak urban demand.

The company reported a net loss of Rs 20.59 crore in the September quarter, down from a profit of Rs 2.73 crore last year, with the CEO attributing the downturn to weak demand.

Revenue increased 7.3% year-over-year to Rs 1,114.87 crore, up from Rs 1,039.12 crore in the same quarter last fiscal.

A month ago, the company announced plans to enter the quick commerce sector, offering deliveries of various products within three hours to expand its market presence.

At 1:00 PM, the shares of Shoppers Stop were trading 1.51% higher at Rs 637.10 on NSE.

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