Rekha Jhunjhunwala saw a significant increase in her net worth today, as Metro Brands shares surged at the bourses.
Metro Brands shares halted the two straight day losing streak going up over 8% to hit an intraday high of ₹1,127.40. After a great run in 2023, the footwear giant’s stock has had a rough start to 2024. On a year-to-date basis, the stock has gone down around 10%.
Jhunjhunwala holds a 9.60% stake in Metro Brands, equating to 2.61 crore shares. The stock’s previous close was at ₹1,032.35, valuing her holdings at ₹2,694.68 crore. However, with the stock reaching an intraday high of ₹1,127.40 today, the value of her stake rose to ₹2,942.78 crore.
Last month, the company leased a built-to-suit 3.25 lakh sq ft warehouse in Bhiwandi near Mumbai. It is the largest-ever warehousing space picked up by an Indian footwear company. The retailer has leased the space from RK Builders for five years.
Price Action: Metro Brands’ share price was up 8.68% to trade at ₹1,121.80 in early trade on Wednesday.
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