Tata Motors DVR shares drop as Rakesh Jhunjhunwala cuts stake in Q4

NEW DELHI: Shares of Tata Motors DVR dropped nearly 2 per cent after shareholding data suggested that ace investor Rakesh Jhunjhunwala sold 50 lakh shares in the Tata group stock during the March quarter.

According to data available with BSE, Jhunjhunwala had over 1.24 crore Tata Motors DVR shares, which are 2.44 per cent of the company’s total shares as of March quarter. This included stake with the name of Rakesh Jhujhunwala (1.01 per cent) and Rakesh Radheshyam Jhunjhunwala (1.43 per cent).

This was against 1.74 crore shares, or 3.43 per cent stake, Jhunjhunwala had in Tata Motors DVRs at the end of December quarter.

Following the release of the data, the stock fell 1.83 per cent to close at Rs 270.75 on BSE.

Data available with database Capitaline suggested that the ace investor has been holding the stock at least since September quarter of 2015. Listed companies name only those shareholders who hold 1 per cent or more stake.