Titan Company share falls after Rakesh Jhunjhunwala pares stake in June quarter

Titan Company share fell over 1% today after ace investor Rakesh Jhunjhunwala pared his stake in the firm for the quarter ended June 2021. Jhunjhunwala decreased his stake in the gems and jewellery maker by 0.25 percent in the last quarter.

For the third consecutive quarter, Jhunjhunwala has reduced stake in the jewellery-watch-to-eyewear maker.

Titan Company share fell 1.01% to Rs 1,693.65 against previous close of Rs 1,711 on BSE. The stock closed 0.64% lower at Rs 1,700 against previous close of Rs Rs 1,711 on BSE.

Total 0.37 lakh shares changed hands amounting to turnover of Rs 6.26 crore.

Market cap of the firm stood at Rs 1.50 lakh crore.

The stock hit a 52-week high of Rs 1,800 on June 25, 2021 and touched 52-week low of Rs 941.80 on June 16, 2020.

The stock has lost 1.32% in the last 2 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The share has gained 75.64% in one year and risen 8.46% since the beginning of this year.

According to the shareholding pattern on BSE, Jhunjhunwala cut his stake in Titan to 3.72 percent in June 2021 from 3.97 percent in March 2021. However, his wife, Rekha Jhunjhunwala's stake remained unchanged at 1.09 percent.

For the quarter ended September 2020, Jhunjhunwala and his wife held a 5.5 per cent stake in Titan  Company. They reduced the stake to 5.3 percent in December 2020. They further reduced it to 5.1 percent in March 2021.

At the end of June quarter, the couple's stake in Titan stood at 4.8 per cent.