Afloat promoter Rukmani Mittal sells 2.07% stake in two days
Rukmani Devi Mittal reduced her stake from 3.35% to 1.27% of Afloat Enterprises, days after fellow promoter Kiran Mittal sold 4.53%, as the nano-cap struggles with a 70% revenue drop in FY26.
— 4 earlier stories on Afloat Enterprises Ltd. →What's new
- Rukmani Devi Mittal sold 260,000 shares on June 15-16, cutting her stake to 1.27% from 3.35%.
- The sale follows Kiran Mittal's exit of 570,000 shares (4.53%) on June 10-12.
- Company reported a 70% revenue decline to ₹179.79 lakhs for FY26; market cap is ~₹18 crore.
Why this matters
Two promoters now have aggressively sold shares within a week, signaling deep distress at a nano-cap already reeling from a 70% revenue crash. The combined exits by multiple family members erode minority confidence and raise questions about the company's ability to turn around.
What we're watching
- Whether remaining promoters hold or continue selling.
- Any company statement on business revival plans.
- Impact on stock price given the overhang from recent sales.
The full read
Afloat Enterprises is seeing its own promoters head for the exits. This week Rukmani Devi Mittal sold 260,000 shares ( 2.07% of equity), cutting her stake to 1.27% from 3.35%. The sale comes just days after fellow promoter Kiran Mittal offloaded 570,000 shares ( 4.53% ) between June 10-12, following the release of his pledged holdings. Together, the two sales represent a material chunk of the free float. The timing is damning: the company reported a 70% revenue plunge in FY26 to just ₹179.79 lakhs, and its market cap is a mere ₹18 crore. For a nano-cap stock already trading at a triple-digit P/E, insider selling at this pace suggests the promoters see little hope of a turnaround. The sale value of roughly ₹37 lakhs exceeds the 1% materiality threshold, but the real signal is the pattern: multiple family members reducing exposure within a week. What's left is a company with no debt but no earnings either, whose own backers are voting with their feet.
Questions answered
- How many shares did Rukmani Devi Mittal sell?
- She sold 260,000 shares over June 15-16, reducing her stake from 3.35% to 1.27% of Afloat's 1.26 crore shares.
- What was the sale value?
- The sale value is roughly ₹37 lakhs, representing 2.07% of the company's ₹18 crore market capitalisation.
- Did other promoters sell recently?
- Yes, fellow promoter Kiran Mittal sold 570,000 shares (4.53% of equity) between June 10-12, after freeing his pledged holdings.
- What is the company's financial condition?
- Afloat Enterprises reported annual revenue of ₹179.79 lakhs for FY26, a 70% drop from the previous year, with negligible profit.
Afloat Enterprises Ltd.
Latest quarter · Mar 2026
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Story so far
All notes on ADISHAKTI →- 18 Jun 2026 · 3:48 PM IST Afloat promoter Rukmani Mittal sells 2.07% stake in two days
- 5d ago Afloat promoter frees entire 11.25% stake from pledge
- 6d ago Afloat promoter Kiran Mittal sells 340,000 shares, stake down to 2.37%
- 7d ago Afloat promoter sells ₹29 lakh of stock as revenue falls 70%
- 23d ago Afloat Enterprises revenue collapses 70% as profits vanish