Mumbai: Rakesh Jhunjhunwala, a renowned investor and trader, has reduced his stake in yet another Tata Group company during the April-June quarter of 2021.According to the most recent shareholding pattern released by Tata Motors, ‘Big Bull,’ Jhunjhunwala now owns 1.14 percent of Tata Motors, up from 1.29 percent in the March 2021 quarter. During the quarter, he also reduced his stake in Titan Company to 4.8 percent, down from 5.1 percent in March 2021.
Rakesh Jhunjhunwwala now owns 3,77,50,000 Tata Motors shares, according to the BSE’s June 2021 shareholding pattern. This is 50 lakh fewer than the number of Tata Motors shares held by Jhunjhunwwala after March 2021. Rakesh Jhunjhunwala’s stake in this automaker has shrunk by 0.15 percent as he sold 50 lakh shares.
Meanwhile, Rare Enterprises, Jhunjhunwala is bullish on Tata Group stock but he still wants to check the profitability factor of company. We are still underestimating the level of profitability and shareholder return that the Tata Group will provide under Mr Chandra’s leadership,” he said.
Today’s stock performance
The auto stock fell 1.68 percent in intraday trade after news that Indian Warren Buffet and ace trader Mr. Rakesh Jhunjhunwala was reducing his stake in Tata Motors. Tata Motors’ share price on the BSE was trading at Rs 30.360 per stock at the time of publishing this news (at 2:51 PM), down Rs 5.10 from its Monday close price. The stock hit a low of Rs 302.75 on an intraday basis.
Rakesh was a lifelong bullish investor and trader. He still think that there will be no third wave and the economy will rebound and grow with good volume if the govt increases the speed of Covid vaccination in the country.