Rakesh Jhunjhunwala's wife loses Rs 800 crore as key stock tanks
Rakesh Jhunjhunwala’s wife loses Rs 800 crore as key stock tanks
Rekha Jhunjhunwala, the wife of the late investor Rakesh Jhunjhunwala, saw a loss in wealth on Monday as shares of Titan Company tanked, resulting in a loss of over Rs 800 crore.Â
Titan, a company within the Tata group, is the largest investment in the Jhunjhunwala family’s portfolio.
According to reports, Ms Jhunjhunwala holds about 5.35% of Titan’s shares as of March 31, 2024. Based on the closing price last Friday, her holding was valued at Rs 16,792 crore.
However, on Monday, the value of Ms Jhunjhunwala’s stake suffered a decline as Titan’s shares plummeted by more than 7% following the disappointing earnings report for the March quarter, which failed to lift investor sentiment.
During trading hours, Titan’s shares hit a low of Rs 3,352.25 and closed at Rs 3,281.65 on the Bombay Stock Exchange. Consequently, the company’s market capitalisation fell below the Rs 3 lakh crore mark to Rs 2,91,340.35 crore, erasing more than Rs 22,000 crore from its overall market value.
This decline resulted in the value of Ms Jhunjhunwala’s Titan stake diminishing to approximately Rs 15,986 crore, as per a report in Hindustan Times.
In its most recent financial report, Titan announced a 5% increase in consolidated profit after tax (PAT) to Rs 771 crore for the March quarter, compared to Rs 736 crore in the same period last year.
Titan’s total income for the fourth quarter rose to Rs 11,472 crore from Rs 9,419 crore in the corresponding period of the previous fiscal year.
The company recorded a consolidated PAT of Rs 3,496 crore for the full fiscal year, compared to Rs 3,274 crore in FY23. Its total income for FY24 stood at Rs 47,501 crore, up from Rs 38,675 crore in the 2022-23 fiscal year.
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