Bigbul Rakesh Jhunjhunwala has reduced his stake in Tata Communications, another Tata group company.
Bigbul Rakesh Jhunjhunwala, called Warren Buffett of India, has reduced his stake in Tata Communications, another Tata group company, after he diluted his stake in Titan Company.
Rakesh Jhunjhunwala had a 1.12 per cent stake in Tata Communications through his wife Rekha Jhunjhunwala’s account in the December quarter, which has come down to 1.04 per cent since the March quarter, according to Tata Communications’ shareholding pattern available on the BSE.
According to the public shareholding pattern of Tata Communications, Rekha Jhunjhunwala has sold 2.5 lakh shares of Tata Communications. Rekha held 32,00,687 shares in the company in the December quarter, which has come down to 29,50,687 equity shares in the March quarter.
This change in Rakesh Jhunjhunwala’s portfolio is a setback for retail investors as well as the recent increase in Tata Communications mutual funds and foreign institutional investors.
The share of mutual funds in Tata Communications was 0.41 per cent in the December 2020 quarter, which has increased to 4.01 per cent in the March quarter. Similarly, FIIs’ stake in the company was 17.65 per cent in the December quarter, which has increased to 24.40 per cent in the March quarter.
Right now, Tata Communications shares are trading at Rs 1.15 on the NSE around 11 pm, which is a slight increase of 0.20 per cent to Rs 1111 level.
