Rakesh Jhunjhunwala Reduces Stake by 80% in March Quarter; Stock Zooms 67% Since

Rakesh Jhunjhunwala Reduces Stake by 80% in March Quarter; Stock Zooms 67% Since
Rakesh Jhunjhunwala Reduces Stake by 80% in March Quarter; Stock Zooms 67% Since

By Aditya Raghunath

Investing.com — It’s not often that Rakesh Jhunjhunwala sells winners early. He is the kind of investor who sticks on with a stock for a long time if he believes that is has solid potential. However, a look at one of his investments Ion Exchange India Ltd (BO:), a water treatment firm, says that he might have pushed the trigger button a little too quickly on it.

Publicly available data shows that Rakesh Jhunjhunwala held 5.3% stake in Ion Exchange until December 2020 quarter. In the March 2021 quarter, that number came down to below 1%.

Ion Exchange’s closing price on March 31 was Rs 1,306.45. On June 10, its closing price was Rs 2,178.9, up 67%. The stock operates in the water and environment management business.

That said, the stock gained over 100% from April 1, 2020 to March 31, 2021. The company reported total sales of Rs 445.15 crore in the March 2021 quarter, up 26.79% from sales of Rs 351.09 crore during the corresponding quarter of the previous year. It reported a net profit of Rs 70.15 crore, up 144% from its profit of Rs 28.1 crore in the March 2020 quarter.

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