The domestic markets were volatile in Friday’s trade after a sharp selloff the previous day amid lingering global weakness.` Big Bull Rakesh Jhunjhunwala lost nearly Rs 900 crore in early trade on Friday morning trade in his 3 favorite stocks namely Titan, Star Health & Allied Insurance Company Ltd., and Metro Brands.
Dip in Titan stock price
Titan Company’s share price opened lower today and hit ₹Levels 1997 piece no later than 09:30, logging a ₹63.95 per share dip from yesterday’s closing ₹2060.95 levels on the NSE.
Dip in Star Health stock price
Star Health’s share price opened lower today and continued to strike ₹609.05 levels each by 09:30. Since the share had closed at ₹664.15 levels on Thursday, it logged a ₹55.10 dip within 15 minutes after the stock exchange opens today.
Dip in Metro Brands stock price
Like two other Rakesh Jhunjhunwala shares, Metro Brands opened today with a downward gap and continued to strike ₹535.35 no later than 09:30, logging ₹14.30 per share within 15 minutes after opening.
Rakesh Jhunjhunwala holds 10,07,53,935 Star Health shares that fell ₹55.10 per share 15 minutes after the stock exchange opens today. So, the net decline in Rakesh Jhunjhunwala’s net worth due to the decline in this Rakesh Jhunjhunwala’s portfolio stock is approx. ₹555 million.
Big Loss in Tata Group
Billionaire investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala lost nearly Rs 3,500 crore in Tata Group company Titan in the last three months, as the stock crashed 29 percent during the period.
The value of Jhunjhunwalas’ holding in Titan Company fell by Rs 3,489 crore since March 17, 2022. The stock hit a nine-month low of Rs 1,925 and was down 7 percent on the BSE in intra-day trade on Friday.
The stock traded at its lowest level since September 2021, after it had hit a record high of Rs 2,767.55 on March 21, 2022.
Rakesh Radheshyam Jhunjhunwala (3.98 percent) and Rekha Rakesh Jhunjhunwala (1.07 percent) collectively held a 5.05 percent stake in Titan Company at the end of the March 2022 quarter, the shareholding pattern data shows.
In the past three months, Titan Company has lost Rs 69,092 crore in market capitalization to hit Rs 1.71 trillion in intra-day trade today.
Brokers on Titan
PMS fund manager Saurabh Mukherjea had recently said that after TCS and HDFC Bank, Titan is the third stock that can become a $1 trillion company after 10 years.
The bluechip stock has surged over 900 percent in the last 10 years. While brokerages continue to remain bullish on this Tata group company, analysts see further selling pressure on the stock amid inflationary pressures and expensive valuations.
An average price target on the stock at Rs 2,598, as suggested by Trendline, hints at a potential 35 percent upside on the counter.
