Veteran Investor Shankar Sharma Offloads 2 Lakh Shares Of DroneAcharya In A Bulk Deal

Ace investor Shankar Sharma offloaded 2 Lakh shares or a 0.83% stake in drone startup DroneAcharya Aerial Innovations this week.

Sharma, a pre-IPO investor in the startup, sold the shares in a bulk deal worth almost INR 3.1 Cr on the BSE on Thursday (May 2).

Sharma held a 1.91% stake in DroneAcharya at the end of the September quarter of 2023. However, his name doesn’t feature in the startup’s shareholders list for the quarter ended March 2024.

The total number of shares of DroneAcharya held by Sharma remained unchanged at 4.57 Lakh at the end of the September quarter last year compared to his holding at the end of December 2022 after the startup’s listing on the BSE’s SME platform.

Following Sharma’s stake sale, shares of DroneAcharya fell 4.4% on the BSE on Thursday. However, the shares regained momentum again in Friday’s trading session and ended almost 3% higher at INR 155.85.

It is pertinent to note that on the back of important business developments and significant growth, shares of DroneAcharya witnessed an over 40% surge in 2023. However, the stock has shed some of the gains this year and is trading almost 19% lower year to date.

DroneAcharya posted a profit of INR 3.97 Cr in H1 FY24 and almost a 1000% jump in operating revenue to INR 20.89 Cr

Meanwhile, DroneAcharya continues to make significant strides in expanding its business. It recently secured contracts from the Indian Army, Adani Group, and others.

On Friday, the startup also said that it received a work order valued at INR 53 Lakh from Alter Dynamics & Artificial Intelligence. 

In an exchange filing, DroneAcharya said that the project entails the utilisation of drones for the inspection of piles above water, which would cater to the stringent requirements of Abu Dhabi National Oil Company (ADNOC).

Speaking on the development, Prateek Srivastava, founder and MD of DroneAcharya, said, “This milestone represents a significant entry into the relatively untapped drone survey market in the Middle East. Leveraging our extensive experience and domain expertise, we are poised to deliver professional, high quality services to the architecture, engineering, and construction (AEC) industries with unparalleled efficiency.”