Rakesh Jhunjhunwala Sells 25 Lakh Delta Corp Shares; Stock Tanks Over 4%
Ace investor Rakesh Jhunjhunwala sold 25 lakh equity shares (0.93 per cent of total shareholding) in the company via open market transactions. With this, Jhunjhunwala’s shareholding has gone down to 6.16 per cent, down from 7.1 per cent earlier, according to an exchange filing. On Wednesday, Delta Corp shares were down nearly 4.08 per cent in noon deals at Rs 209.50 apiece on NSE.
The stock of Delta Corp has been in a downtrend since April . The stock has been continuously falling over the last eight weeks.
Rakesh Jhunjhunwala and wife Rekha held a combined stake of 7.5 per cent, as of March 31. In November 2016, Jhunjhunwala, along with his wife, held 10 per cent in Delta Corp. From October 2017 to May 27, 2022, the investor sold 57,50,000 shares in the company, thereby reducing the stake to 7.1 per cent. After the latest transaction, he holds 6.2 per cent or 1,65,00,000 shares of Delta Corp.
Delta Corp recorded a 16.7 per cent declined in its Q4FY22 net profit at Rs 48.1 crore, dented by muted topline growth and weak operating performance. Revenue grew 3.3 per cent to Rs 218.3 crore from the year-ago period.
Earnings before interest, tax, depreciation, and amortization (EBITDA) were down 12.8 per cent at Rs 69 crore and the margin contracted 590 bps YoY to 31.6 percent in the quarter ended March 2022.