Lupin Shares Plummet as Jhunjhunwala Cuts Stake

20 July 2011 - Which Way to Pay

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Lupin Shares Plummet as Jhunjhunwala Cuts Stake

The renowned investor of drug-maker Lupin Ltd, Rakesh Jhunjhunwala has lowered his stake in the company by more than half. Jhunjhunwala sold over Rs 300 crore of stock at current prices and this has seen immediate adverse effects on the stock price of Lupin Ltd. Jhunjhunwala is well known to be among the most bullish investors in the Indian stock market and his investments extend to many companies with a long-term perspective.

During comments on the latest shareholding pattern, Lupin revealed in a corporate disclosure to the stock exchange that the stake held by Jhunjhunwala and his wife Rekha Jhunjhunwala stood at 1.73 per cent as of June 30, 2011. Records of the previous quarter ending on March 31 had placed the pair at a vastly more significant 3.22 per cent holding in the company.

As expected, the shares in Lupin fell by 2.6% to Rs 466.55 on the Bombay Stock Exchange at 1300hrs in a stark reaction to the news of Jhunjhunwala’s withdrawal. In line with shareholding disclosure, Jhunjhunwala's holding in Lupin was reduced by 66.6 lakh shares - currently placed at a worth of over Rs 300 crore - during the first quarter of the current fiscal.

The price at which Rakesh Jhunjhunwala sold the shares, and to whom, has not been ascertained.

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