Rakesh Jhunjhunwala sells stake in Escorts, stock price falls

Stocks

The name of Rakesh Jhunjhunwala, who held a 5.68 percent stake as of December 31, is missing from the list of individual shareholders holding 1 percent or more, Escorts’s shareholding pattern for Q4 FY22 shows

Rakesh Jhunjhunwala

Rakesh Jhunjhunwala

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Escorts share price was down over 3 percent in the afternoon trade on April 12, a day after ace investor Rakesh Jhunjhunwala sold his stake in the tractor manufacturer.

Jhunjhunwala held 75 lakh equity shares, or 5.68 percent stake, in the company as of December 31, 2022, sources said. His name is now missing from the list of individual shareholders, who own 1 percent or more, Escorts’s shareholding pattern for Q4 FY22 shows.

This means the Big Bull, who has held the stock since December 2015, booked profit during the January-March period.

The stock has been under pressure with the price falling more than 17 percent in the last five days. At 13.08 pm, the scrip was trading at Rs 1,544.05, down Rs 56.60, or 3.54 percent on NSE. It touched an intraday high of Rs 1,607.45 and an intraday low of Rs 1,543.

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Escorts’ quarterly net profit came in at Rs 194.19 crore in December 2021, down 32.27 percent from Rs. 286.71 crore in December 2020.

EBITDA was reported at Rs 305.23 crore in December 2021, down 25.84 percent from Rs. 411.59 crore in December 2020. Its EPS decreased to Rs 19.74 in December 2021 from Rs 29.21 in December 2020.

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