Investor Rakesh Jhunjhunwala’s wife loses ₹ 800 crore as shares tank
text_fields
New Delhi: A shocking fall in the shares of the Titan Company has resulted in Rekha Jhunjhunwala, the wife of late investor Rakesh Jhunjhunwala, losing over ₹ 800 crore on Monday.
Rekha Jhunjhunwala reportedly held a 5.35% stake in Titan, a Tata group company, as of March 31, 2024, NDTV reported.
Before the shares tanked, her holding was worth ₹ 16,792 crore per Friday's closing.
When the Titan shares tanked over 7 per cent, Rekha Jhunjhunwala suffered a huge loss today, reducing the worth of her Titan stake to around ₹ 15,986 crore, according to Hindustan Times.
Titan shares closed at ₹ 3,281.65 on the Bombay Stock Exchange after hovering over at ₹ 3,352.25 during the day.
The fall in the company’s net value below the ₹ 3 lakh crore-mark to ₹ 2,91,340.35 crore wiped out over ₹ 22,000 crore from its market cap.
However, the company’s latest earning report showed a 5% rise in consolidated profit for the March quarter, posting ₹ 771 crore after tax ( PAT), compared to a PAT of ₹ 736 crore in the year-ago period.
It is also reported that the company’s total income went up to ₹ 11,472 crore in Q4 from ₹ 9,419 crore in the same period of the previous fiscal.
"Titan's Q4 PAT missed estimates by 10-12 per cent, due to 70-100 bps jewelry margin miss and higher subsidiary loss," according to a report by Emkay Research.