Rakesh Jhunjhunwala’s wife cuts stake in VIP Industries, Tata Comm; sells 45 lakh shares in these cos in Q4

By: |
April 16, 2021 2:07 PM

Rakesh Jhunjhunwala cut his stake in three firms including Titan Company, VIP Industries and Tata Communications in the January-March quarter of 2021.

rakesh jhunjhunwala, Titan, VIP Industries, Tata communicationsAnother Tata group firm, Tata Motors was also seen pulling Rakesh Jhunjhunwala’s wealth lower this week.

Rakesh Jhunjhunwala cut his stake in three firms including Titan Company, VIP Industries and Tata Communications in the January-March quarter of 2021. While the ace investor raised his stake in Fortis Healthcare and Multi Commodity Exchange (MCX) in the fourth quarter of FY21, according to the shareholding pattern of the public shareholders. Besides Titan Company, Rakesh Radheshyam Jhunjhunwala’s stake in VIP Industries fell to 32.73 lakh shares or 2.32 per cent in Q4, with only wife Rekha Jhunjhunwala’s name among the key shareholders. Ace investor held 22.85 lakh shares and 52.15 lakh shares, a total of 75 lakh shares or 5.31 per cent stake, through two accounts in the December 2020 quarter.

It could not be ascertained whether Rakesh Jhunjhunwala held any stake in VIP Industries at the end of the March quarter. Corporations are required to report their shareholding details of investors holding over 1 per cent stake. VIP Industries hit a 52-week of Rs 421.95 on March 4, 2021. Amid COVID-19 induced volatility, the stock has plunged over 23 per cent from its 52-week high.

Similarly, Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala offloaded 2.5 lakh shares of Tata Communications in the fourth quarter of the previous fiscal. According to the shareholding pattern of the company on BSE, Rekha Jhunjhunwala held 29.50 lakh shares or 1.04 per cent total paid-up equity in Tata Communications at the end of the March quarter. Previously, at the end of the December 2020 quarter, she held 32 lakh shares or a 1.12 per cent stake in Tata Communications.

However, the mutual funds raised their stake in Tata Communications to 4.01 per cent in March 2021 quarter, from 0.41 per cent in the December 2020 quarter. HDFC Trustee Company Limited – HDFC Tax Saverfund held a 1.8 per cent stake. LIC of India Bima Plus Non-Unit Fund owned a 2.17 per cent stake in the company. In total, insurance companies held a 3.02 per cent stake in the company. Similarly, foreign portfolio investors (FPIs) also increased their shareholding in Tata Communications to 6.95 crore shares or 24.40 per cent stake in Tata Communications at the end of March quarter 2021, from 17.65 per cent as of December 2020.

Shares of Tata Communications touched a 52-week high of Rs 1,365 apiece on BSE on March 8, 2021. Since then the stock has corrected nearly 20 per cent.

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