Rakesh Jhunjhunwala stocks: This PSU stock falls 45% from 52-week high, Big Bull reduces stake to below 1%

Rakesh Jhunjhunwala stocks: Amid pressure on metal stocks, celebrity investor Rakesh Jhunjhunwala has reduced his stake to below one per cent in the company that caters to alumimium industry. On Monday, the metal counter dropped nearly two per cent in Thursday's intraday trade. Nalco (National Aluminium Company Ltd), one of the 32 stocks in Jhunjhunwala's portfolio, is trading at a discount of around 45 per cent from its 52-week high value.  

The billionaire investor held 1.36% stake, aggregating to 2,50,00,000 shares, in the metal company in the quarter ended March 2022. As per the latest BSE shareholding pattern of Nalco, the investor's name has gone missing from public shareholders list in the April-June quarter.  

One-year chart of Nalco shows that the counter has declined around 15% as on July 14. At around 2pm, shares of Nalco were trading lower by more than two per cent to Rs 71.15 per share. The scrip traded on 52-week high value of Rs 132.75 per share on the BSE on March 4 this year, while it hit one year-low on July 1 this year.  

Fondly called Big Bull of the Indian market, Jhunjhunwala holds as many as 32 stocks in the quarter ending June'22. The net worth of Rakesh Jhunjhunwala has been pegged at over Rs 27,328.3 crore as on July 14, according to stock analysis platform trendlyne.com.

Established in 1981, National Aluminium Company Limited (NALCO) is a Schedule ‘A’ Navratna CPSE with its registered office in Bhubaneswar, Odisha. It is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the Country. At present, Government of India holds 51.28% of paid up equity capital. The Company has been operating its captive Panchpatmali Bauxite Mines for the pit head Alumina refinery at Damanjodi, in the District of Koraput in Odisha and Aluminium Smelter & Captive Power Plant at Angul.