Intellect Design sinks 12% on stake sale by Rakesh Jhunjhunwala
DSIJ Intelligence / 15 Feb 2017
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala sold close to 42.3 lakh shares in the company. Following this, the stock of Intellect Design Arena plunged more than 12 per cent in early morning trade.
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala sold close to 42.3 lakh shares in the company. Following this, the stock of Intellect Design Arena plunged more than 12 per cent in early morning trade.
Big bull Rakesh Jhunjhunwala pared down its investments in Intellect Design Arena by selling 10,00,000 shares of the company on February 14, 2017 in separate block deals. Rekha Jhunjhunwala too sold 32,30,000 shares of the company at Rs 120.44, out of 37,50,000 shares she held as of quarter ending December 31, 2016.
The sold shares of Intellect Design Arena was bought by two fund houses namely, Atyant Capital India and GHI LT. Atyant Capital India Fund-1 bought 9,82,670 shares at Rs 120.26 and GHI LTP bought 7,33,730 shares at Rs 120.26.
Heavy volumes in the counter led to a decline in the share price of Intellect of close to 6 per cent in Tuesday's trading session.
Reacting to the news, the stock tanked early in trade to hit a 52-week low of Rs 107.80, therefore, making it a very attractive proposition at current valuations.