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Edelweiss Financial's shares up 8% as Rakesh Jhunjhunwala raises stake

Jun 13 2014, 12:50 IST
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SummaryRakesh Jhunjhunwala, referred at times as India's Warren Buffett, bought 10 million shares in Edelweiss.

Shares of Edelweiss Financial Services rose by nearly 8 per cent today as ace investor Rakesh Jhunjhunwala picked up one crore shares of the company for an estimated Rs 55 crore through the open market route.

The company's stock opened the day on a strong note and further gained 8.25 per cent to Rs 64.90 -- its 52-week high level on the BSE.

At the NSE, the scrip rallied 7.89 per cent to touch its one-year peak of Rs 64.90.

Jhunjhunwala purchased the shares (amounting to 1.3 per cent stake) of the financial services firm for an average price of Rs 55 apiece, according to the bulk deal information with the BSE yesterday.

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