Rakesh Jhunjhunwala stocks that bled the most in 7-day rout bounce smartly

NEW DELHI: Many of the stocks where ace investor Rakesh Jhunjhunwala owns a stake staged a recovery on Tuesday after being battered in the seven-day market rout that eroded nearly Rs 13 lakh crore in equity investor wealth.

Tuesday was a day of recovery for domestic stocks, with the BSE benchmark Sensex climbing 480 points and the Nifty topping the 11,300 mark, as hopes rose that central banks in advanced economies would make concentrated efforts to ward off a coronavirus-triggered slowdown.

The Reserve Bank of India (RBI) on Tuesday came out with a statement that it was ready to take appropriate action for orderly functioning of the financial markets. The central bank said it was monitoring global and domestic developments closely.


Later in the day, the US Fed announced a half-a-percentage-point rate cut a half-hour into stock trading on Wall Street. That, though, failed to stem the rout in stocks, as investors deemed the surprise rate cut insufficient to restore confidence in the economy.

Dalal Street, though, witnessed a significant improvement in sentiment post RBI statement. It helped Sensex snap a seven-session losing streak and rally 480 points.

Among Jhunjhunwala stocks, Lupin climbed 3.21 per cent to Rs 649.50 after having fallen 11 per cent in past seven sessions. Jhunjhunwala held 1.5 per cent stake in the drugmaker as of December 31.

NCC surged 5.36 per cent to Rs 37.35. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held 10.4 per cent stake in the company, whose shares had fallen 17.65 per cent in last seven days.

Domestic stock investors had lost over Rs 12,90,000 crore equity wealth in this selloff.

Among other Jhunjhunwala favourites, Delta Corp jumped 5.02 per cent to Rs 131.90 after falling 15 per cent in the seven-day period. The Jhunjhunwalas held 7.3 per cent stake in the casino company as of December 31.

Anant Raj soared 7.75 per cent to Rs 29.20 after a 16.48 per cent fall in the seven-day rout. The Jhunjhunwala duo owned 7.2 per cent stake in the realtor at December end.

IT stock Firstsource, where Jhunjhunwala owned 2.8 per cent stake at the end of December quarter, gained 3.68 per cent following a 14 per cent slide during the seven-day period.

Autoline Industries rose 0.8 per cent to Rs 18.80 after a 17 per cent slide. ManInfra Construction gained 2.76 per cent to Rs 26.10 after falling 10.72 per cent in the previous seven days.


A few stocks also halted the fall.

Shares of TV18 Broadcast added 0.22 per cent to Rs 22.55. The stock, where the Big Bull owned 2.3 per cent stake, had slipped 20.49 per cent in the seven sessions till Monday.

Aptech rose 0.78 per cent to Rs 116.65 after falling 19.35 per cent in last seven days.

A few other stocks such as Karur Vyasa Bank and VIP Industries though continued to be under pressure. Shares of Karur Vyasa Bank dropped 2.50 per cent to Rs 38.95, even as the BSE Bankex gained 1.2 per cent for the day. This stock had lost 18.3 per cent during the market rout. VIP Industries fell 1.67 per cent to Rs 388.80, in addition to a 13.53 per cent slide in last seven sessions.