Rakesh Jhunjhunwala magic at work on DCB counter

Shares of Development Credit Bank ( DCB) have held ground even in weak market conditions since early April, when billionaire investor Rakesh Jhunjhunwala picked up 12 lakh shares of the mid-sized bank.

Since then, every spurt in the stock has been attributed to Jhunjhunwala 's stake in the bank. And, thanks to such speculation, DCB shares have gained almost 25% in the past three months. Shares rose 5.4% to Rs 64.50 on Wednesday.

But, latest official data does not support this speculation, as Jhunjhunwala's name was not part of the top public shareholders list on June 30 on the BSE.

Contributed by Shivapriya N, Nishanth Vasudevan & Sangita Mehta