Rakesh Jhunjhunwala stock hits fresh 52-week low, drops 18%; dips 33% in one month

Rakesh Jhunjhunwala stock, in which the ace investor raised his stake in the quarter ended March 31, 2022, touched a 52-week low in intraday trade on Wednesday. The shares of housing finance company slumped nearly 18% to trade at Rs 112.50 apiece on the BSE. The counter traded on 52-week high value of Rs 313.50 a share on June 16 last year.  

Jhunjhunwala, popularly known as Big Bull of the Indian market, has bought 10 lakh shares of Indiabulls Housing Finance in the recently concluded quarter.  

Jhunjhunwala had raised his stake in the company from 1.1% in December 2021 quarter to 1.3% in March 2022. Indiabulls Housing Finance latest corporate filing shows that the billionaire investor now holds 60,00,000 equity shares against 50,00,000 equity shares in December 2021.      

At 2.20 pm on Wednesday, shares of Indiabulls Housing Finance were trading with nearly 17% discount to Rs 116.40 per share on the BSE. As on May 11, the counter has dipped over 33% in one month and more than 50% in the past six months. In a year, the shares gave a negative return of 37% as on May 11.  

The company is scheduled to announce its March quarter result on May 20, as per an exchange filing by the housing finance company.  

"We wish to inform that a meeting of the Board of Directors of the Company will be held on Friday, May 20, 2022, to consider and approve interalia the (a) audited financial results of the Company for the quarter and financial year ended March 31, 2022," the company said in an exchange filing on May 9. 

Besides, Indiabulls Housing Finance, the celebrity investor had also raised his stake in a pharmaceutical company and a PSU Bank in the quarter ended March 31, 2022. The ace investor raised his stake in Jubilant Pharmova and Canara Bank by 0.5% and 0.4% respectively in the same quarter.   

As per the latest corporate shareholdings filed, Rakesh Jhunjhunwala and Associates publicly holds 34 stocks. The value of these stocks has been pegged at Rs. 28,414.0 core as on May 11, as per stock analysis portal trendlyne.com