The sharp fall in the net profit was due to muted sales growth and a sharp deterioration in operational performance. Meanwhile, its total expenses for the quarter rose to Rs 7,691 crore from Rs 7,038 crore a year ago.
According to an exchange filing on Wednesday, the company will sell up to 9% stake or 3.26 crore shares of the company in an offer for sale on July 13 and July 14. The OFS will be executed over two days, with the offer opening for non-retail investors on July 13 and for retail investors on July 14.