Rakesh Jhunjhunwala sale of a major chunk of Praj Industries holdings stuns D-Street

Billionaire investor Rakesh Jhunjhunwala's sale of a major chunk of his holdings in Praj Industries on Thursday has stunned many on Dalal Street.
Praj shares have gained over 50% in less than a month as traders lapped up the stock with mobile text messages doing the rounds that there would be a 'big announcement' by the company.

While some interpreted it as large order announcements, others thought it could be a stake sale.

For traders, who were expecting some positive announcements, the sale by Rakesh Jhunjhunwala and his wife came as a shock. Praj shares, which hit a 52-week high of Rs 79.85 on Thursday, fell 8.2% to Rs 70.85. The investor and his wife sold 1.42 crore Praj shares at approximately Rs 75 apiece through HDFC Mutual Fund. They still own around eight lakh shares.