Rakesh Jhunjhunwala Dumps 2.67% Stake In Titan
Jun 29, 2018 | 11:33 AM IST
Jun 29, 2018 | 11:33 AM IST
Ace investor Rakesh Jhunjhunwala has offloaded 2.67 percent stake in Titan company, a Tata group company. Between May 22 and June 28, Jhunjhunwala and 8 different connected entities offloaded around 12.5 million shares for around Rs 10.8 billion. Over 1/2 of those shares were sold on Thursday, according to a disclosure made to BSE. shares of Titan on Thursday closed at Rs 838, down 3.6 percent. Shares of Titan have come off by using round 10 percent amid the stake sale by Jhunjhunwala.
Titan, which is into Jewellery and watch retailing, is the top holding for Jhunjhunwala, who holds shares worth $2 billion in over a dozen companies. The offloading of stake in Titan comes at a time when shares, particularly in the small and Midcap space, are undergoing outstanding selling stress.
Following the share sale, the shareholding of Jhunjhunwala, along with 8 other entities, dropped to 65.45 million (7.37 percent stake) from 77.95 million (8.78 percent) on may 21.
Jhunjhunwala has been a stakeholder in Titan for more than a decade. On April 12, 2007, Jhunjhunwala held a 10 percent stake in the company. Back then, the share price of Titan (on an adjusted basis) was around Rs 40. shares of Titan have given annualized returns of 30 percent since April 2007. In comparison, the benchmark Sensex has given annualized returns of only 9 percent.
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