New Delhi: Rakesh Jhunjhunwala, aka the big bull of the Indian stock market, has sold 25 lakh shares in Delta Corp via open market transactions. Jhunjhunwala’s shareholding has come down to 6.16% from 7.1%, according to a company filing with NSE. The ace investor and his wife Rekha Jhunjhunwala together owned a total of 7.5% stake in the company, as of the fourth quarter of FY22, which ended March 2021.
Jhunjhunwala and Rekha have been reducing their stake in Delta Corp since 2017. At one point in 2016, the couple held a combined stake 10% stake in the company. However, in the last four years, they reduced the stake to 7.1%, selling 57,50,000 company shares in the process.
Following the news, Delta Corp’s share dipped more than 2% today, May 1 at Rs 213.45 per share. The stock, however, was trading in the green zone in early market hours, with the day’s high at Rs 223.45 per share.
Delta Corp’s share price has been plummeting for the past several weeks, especially after the company reported a weak earning result for the fourth quarter of FY22. The company’s net profit dipped 16.7% to Rs 48.1 crore in the quarter under review. On the other hand, the firm’s revenue jumped 3.3% year-on-year to Rs 218.3 in Q4FY22. Also Read: Delhi: 1% transfer duty hike to put additional burden on property buyers, say experts
Delta Corp is a casino and recreation company that is likely to get impacted if the council of ministers’ speculative recommendation of imposing a 28% goods and services tax (GST) on horse racing, casinos and online games. Also Read: Sri Lanka relaxes import restrictions economic crisis