Rakesh Jhunjhunwala Buys VIP At 65; Trumps FIIs
Jun 01, 2010 | 20:01 PM IST
Jun 01, 2010 | 20:01 PM IST

It is common knowledge that Rakesh Jhunjhunwala bought 12.68 lakh shares of VIP Industries few months ago when it was trading at Rs. 65. At that time VIP Industries was the stock nobody cared about. But when the big bull of Indian stock market bought a stake in this company many people just jumped on this stock assuming that it is a multi-bagger.
However on 21st June 2010, at the time when VIP Industries soared to Rs. 335 Mr. Jhunjhunwala surprised everyone by buying additional lot of 375,000 shares of VIP Industries. At that time many people had written off the company as over priced. But Rakesh Jhunjhunwala held on to his huge 16,43,000 shares of company which represents 5.8% of VIP Industries' capital. He has shares worth Rs. 112 crores and the stock is trading at Rs. 682. FIIs followed the footsteps of Jhunjhunwala and and bought shares at 650.