Escorts Shares Slide Over 4% After Rakesh Jhunjhunwala Slashes Holding in Q4

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Escorts Shares Slide Over 4% After Rakesh Jhunjhunwala Slashes Holding in Q4

By Malvika Gurung

Investing.com -- Shares of the agricultural machinery major Escorts (NS: ESCO ) declined 4.05% to Rs 1,539 apiece at 2:13 pm on Tuesday, a day after its latest shareholding pattern denoted that marquee investor Rakesh Jhunjhunwala exited or slashed his holding in the company under 1% during the quarter ending March 2022.

The Big Bull’s name was not listed among the top investors of the tractor manufacturer for the Jan-Mar 2022 quarter.

This indicates that the ace investor has either exited the stock or pared his holding in the auto company to under 1% in Q4 FY22, as the shareholding pattern enlists the names of only those shareholders who hold a stake of at least 1% in the company.

Jhunjhunwala has been holding the stock for at least 6 years, since December 2015. As of Dec 2021, the Big Bull held 75 lakh equity shares of the company or a 5.68% stake in it, and by the end of March 2022, he has offloaded either all of his holding in the company or now holds a lower than 1% stake in Escorts.

Most analysts continue advising to hold the auto stock, expecting up to 16% upside on it, however, the company’s Q4 FY22 results will provide more clarity on any changes in the price targets.

The tractor manufacturer’s shares have declined over 17% in the last 5 sessions and at least 11% in the past month, even though they have jumped 30% in the last year.

Rakesh Jhunjhunwala publicly holds 35 stocks, with a net worth of over Rs 33,290.7 crore, as per Trendlyne data.

Read Also: Rakesh Jhunjhunwala Exits/Cuts Stake in Escorts After Holding For Minimum 6 Years

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