Escorts shares slip over 2% as Rakesh Jhunjhunwala cuts stake

Shares of Escorts dropped over 2% on Wednesday after ace investor Rakesh Jhunjhunwala trimmed his stake in the company, from 7.42% in the preceding quarter to 5.64% in the July-September quarter.

Rakesh Jhunjhunwala reduced his stake by selling 15,00,000 shares (1.7%) in the Sept quarter, BSE shareholding pattern data showed.

Weighed down by the development, Escorts share price fell 2.16% to hit an intraday low of Rs 1,171, as against the last closing price of Rs 1,196.90 on BSE. The stock opened at Rs 1,204 and also hit an intraday high of Rs 1,246.50 during the session. The stock has fallen after two days of consecutive gain.

Escorts share price trades higher than 100 and 200-day moving averages but lower than 5, 20 and 50 day moving averages. Escorts shares have erased 1.5% value in the last one month. However, the stock price of the automobile major has risen 89% since the beginning of the year and 83% in a year's period.

The share has hit a 52-week high Rs 1,342.70 on 30 September 2020 and a 52-week low Rs 527.10 on 19 March 2020, respectively.

The market capitalisation of the mid-cap stock stood at Rs 16,098 crore as of today's closing session. Escorts shares closed 0.13% higher at Rs 1,198.40 on BSE today.

Moreover, Tata India Consumer Fund has sold 273,700 shares (0.33 %) and UTI - Long Term Equity Fund (Tax Saving) sold 502,324 shares (0.6%) in the company.

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