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Rakesh Jhunjhunwala, Wife Sold Over 1 Crore Titan Shares In March Quarter
According to Titan's recent update on its shareholding pattern, Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala reduced stake in the company to 5.53 percent in the March-ended quarter. At the end of December 2019, the Jhunjhunwalas held 6.69 percent stake in the company.
During the January-March quarter, they collectively sold 1.03 crore shares.
Shares of Titan Company Ltd fell to an intraday low of Rs 948.30 on Wednesday after falling 2 percent from their previous close.
Foreign portfolio investors have also cut their stake in the company to 17.74 percent as per recent update from 18.31 percent at the end of December 2019.
On the other hand, institutional investors including Life Insurance Corporation (LIC) and mutual fund houses had raised their stakes to 2.27 percent and 5.66 percent, respectively, in the previous quarter from 1.64 percent and 5.15 percent, in December.
On 9 April, Titan in an exchange filing provided a quarterly update where it said that it expects a significant fall in revenue in March due to disruption in operations from the coronavirus pandemic.
The consumer goods maker said that while the quarter commenced well with the growth "largely in line with targets" its "sales started dipping sharply in March particularly in the Watches segment" after WHO declared COVID-19 a pandemic and shopping malls in some states were ordered to be closed in early March.
