Rekha Jhunjhunwala Cuts Stake In This Tata Stock

Shares of Rallis India have had a volatile week so far after the company’s earnings for the June quarter failed to impress investors. Now, as per the exchange data, Rekha Jhunjhunwala sold around 1.09 crore shares of the company in block and bulk deals.

What Happened: On July 18, Jhunjhunwala sold around 97 lakh shares of the Tata Group company through a block deal which was bought by Tata Chemicals at ₹215.05/share. She also sold around 9.9 lakh shares through a bulk deal at ₹220.35/share, while Ratanbali Investment bought 9.9 lakh shares of the company at ₹223.39/share.

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However, despite the significant sale she still has a considerable stake in the company. As per Trendlyne data, Jhunjhunwala currently owns 7.8% shares of the company. Her stake is worth around ₹333.4 crore.

The deals come just days after the agri chem company reported its Q1 numbers. The company’s revenue from operations went down 9% year-over-year to ₹782 crore. Profits for the April-June period stood at ₹63 crore, down 6% from the ₹67 crore profits it booked during the same period last year.

Price Action: Rallis India’s share price was up 0.05% to trade at ₹221 in the early hours of trading on Wednesday.

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Posted In: NewsAsset SalesMoversTrading IdeasRallis IndiaRekha JhunjhunwalaTata ChemicalsTata Group