BNP Paribas, Societe Generale, and US hedge fund Millennium Management collectively sold Lenskart shares worth ₹2,670.2 crore via bulk block deals, signaling notable portfolio adjustments as the eyewear company’s stock surges on robust quarterly earnings.
- BNP Paribas, Societe Generale, Millennium sold nearly 4.1 crore shares worth ₹2,670 crore
- Lenskart’s Q1 FY27 net profit rose 273% YoY; revenue up 43% YoY
- Shares surged 26.5% in 3 months; multiple brokerages raised target prices
What happened
Leading financial players BNP Paribas, Societe Generale, and US-based hedge fund Millennium Management sold large tranches of shares in omnichannel eyewear company Lenskart via multiple bulk block deals. BNP Paribas sold 1.3 crore shares at ₹662.22 each, while Societe Generale offloaded 1.4 crore shares at ₹661.5 apiece. Millennium’s affiliate, Integrated Core Strategies (Asia) Pte Ltd, disposed nearly 1.4 crore shares at ₹661.15 each. The total value of these transactions was ₹2,670.2 crore.
In the same transaction period, asset management giant BlackRock acquired a significant stake, purchasing 2.83 crore shares at ₹662.63, totaling ₹1,876.3 crore, along with an additional smaller purchase. BNP Paribas and Societe Generale, while offloading, also repurchased some shares, indicating a strategic adjustment in their holdings.
Why it matters
The offloading comes as Lenskart, alongside Groww, was included in the MSCI global standard index, reflecting heightened market recognition. This also follows a pattern where multiple institutional investors have recently trimmed their stakes, including Alpha Wave Ventures, SoftBank, Temasek, and Abu Dhabi Investment Authority, suggesting profit-taking amid Lenskart’s rising valuation.
Lenskart’s stock has gained 26.5% over the past three months and 46.9% year-to-date, buoyed by strong financial results. Its consolidated net profit jumped 273% year-over-year to ₹228.4 crore in Q1 FY27, while operating revenue increased 43% year-over-year. These results have prompted brokers such as Jefferies and Macquarie to raise their target prices to ₹680 and ₹675 respectively, signaling a positive outlook for the company.
What to watch next
Market participants will watch if the recent share sales by key institutional investors continue and monitor the impact on Lenskart’s stock price amid these portfolio realignments. Given the company’s strong earnings momentum and sustained upgrade by brokerages, investor sentiment may remain positive, but profit booking cycles could cause short-term volatility.
Additionally, developments around Lenskart’s inclusion in global benchmarks like MSCI will be critical to its institutional interest and stock liquidity. Tracking future quarterly performances and strategic moves by investors such as BlackRock will provide further insight into the company’s growth trajectory and market confidence.