New Delhi: Rising inflation and concerns of an impending slowdown led to a sharp fall in the Indian markets last week. Some high quality stocks also saw selloff. Shares of Titan Company and Star Health and Allied Insurance Company suffered heavy losses this week despite the backing of renowned investor Rakesh Jhunjhunwala. The sharp sell-off in these stocks of Rakesh Jhunjhunwala resulted in Big Bull losing over $1 billion in just 5 sessions last week.
Titan’s share price fell by Rs 108.75 per share last week to Rs 1,944.75 per share from Rs 2,053.50 during five trading sessions. Similarly, another stock of Rakesh Jhunjhunwala, Star Health saw its share price fall by Rs 55.20 per share last week, falling from Rs 531.10 to Rs 475.90 per unit. Read more: Big blow to the crypto market! Top Crypto Hedge Fund Three Arrows Capital Files For Bankruptcy
According to Titan Company, Rakesh Jhunjhunwala holds 3,53,10,395 shares of Titan, while his wife Rekha Jhunjhunwala holds 95,40,575 shares during the period January to March 2022. The Jhunjhunwala pair collectively holds 4,48,50,970 shares of Titan. , Read more: It’s a treasure! Truck driver goes to collect lottery prize of Rs 1.5 lakh, ends up with Rs 7.5 crore
Rakesh Jhunjhunwala also holds 10,07,53,935 shares of Star Health.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 4,48,50,970 shares of Titan, whose price declined by Rs 108.75 per share last week. Rakesh Jhunjhunwala’s net worth decreased by about Rs 485 crore due to the fall in Titan’s stock.
Rakesh Jhunjhunwala also holds 10,07,53,935 shares of Star Health, which had fallen to Rs 55.20 per share last week. As a result, Rakesh Jhunjhunwala’s portfolio has been reduced to around Rs. net loss of 555 crore as a result of the fall in the shares of Star Health last week.
Rakesh Jhunjhunwala’s net worth has come down by exactly Rs 1,000 crore as a result of the recent week’s fall in the prices of Star Health and Titan shares (or around Rs 1,040 crore).
Key Rakesh Jhunjhunwala portfolio companies that ended the week lower were Tata Motors, Indian Hotels Company, Rallis India, National Aluminum Company or Nalco, Canara Bank etc.