Rakesh Jhunjhunwala has cut a stake in a healthcare firm Fortis Healthcare to 4.23 per cent. Jhunjhunwala held a 4.31 per cent stake or 3.25 crore shares of the firm, as of 30 June 2021. According to the latest shareholding pattern, the ace investor has trimmed his stake by 6 lakh shares. Fortis Healthcare shares have been underperforming the equity benchmarks. In the last five days, the stock fell 1.12 per cent, even as BSE Sensex and Nifty 50 soared to fresh highs.
However, Fortis Healthcare stock has gained 3.25 per cent in the last one month, and a massive 34 per cent in six months. On a year-to-date (YTD) basis, the stock has rallied 72.15 per cent to Rs 268.5 apiece from Rs 156 apiece. Last week, big bull reduced his stake to below one per cent in pharma major Lupin.
Analysts say that with a high net worth investor reducing his stake in the company and more demand for risky sector bets at all-time highs, Fortis Healthcare is seeing a correction. “Technically, 277 level is a massive resistance and only a daily close above this level would trigger an uptrend. 255-260 remains crucial support,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
Fortis Healthcare stock was trading in red at Rs 268 apiece on BSE, in late morning deals, even as BSE Sensex soared 0.74 per cent, ruling at fresh high. In traded volume terms, 40,000 shares have traded so far on BSE, while a total of 13.30 lakh shares have exchanged hands on NSE. Fortis Healthcare share price has declined over 21 per cent from its peak of Rs 304, touched on 30 August 2021. “Although the non-Covid business of the Fortis Healthcare has increased, it may take 12-15 months to come back to normal or pre-Covid level,” Akhilesh Jat, Pharma Analyst at CapitalVia Global Research, told Financial Express Online
