Rakesh Jhunjhunwala sells 2 lakh shares of Escorts, cuts stake to 6.82%

Rakesh Jhunjhunwala

Billionaire investor Rakesh Jhunjhunwala sold 2 lakh shares in Escorts via open market transaction on July 22. "This takes my total shareholding to 91,97,600 equity shares in Escorts, which is 6.82 percent," Jhunjhunwala said in a statement to exchanges.

Rakesh, his wife Rekha and his company Rare Equity Pvt held 6.9697 percent, or 93,97,600 shares, in the tractor maker before selling some shares on July 22.

On the same day, the stock had touched an intraday record high of Rs 1,210.65 and also saw record closing of Rs 1,203.70.

The stock rallied 104 percent from its March lows on the back of demand for tractors as the government allowed agriculture activities first during the lockdown. Hopes of a normal monsoon and revival of demand in the rural segment boosted sentiment.

On July 24, the counter closed at Rs 1,127.55 on the BSE, down 3.37 percent.

Earlier this month, the Competition Commission of India (CCI) approved acquisition of a little over 9 percent stake in Escorts by Kubota Corporation, and 40 percent stake acquisition in Kubota Agricultural Machinery India by Escorts.