Billionaire investor Rakesh Jhunjhunwala sold 50 lakh shares of automotive giant Tata Motors NSE -2.17 %, trimming his stake in the company to 1.14 per cent, latest shareholding data showed.
Jhunjhunwala held a total of 4.27 crore shares in the company at the end of March, which came down to 3.77 crore by the end of June. According to the last closing price, he sold shares worth Rs 154.35 crore. Tata Motors was the second largest bet in Rakesh Jhunjhunwala’s portfolio, after Titan.
Retail investors also trimmed their holdings in the company during the quarter. They now hold 11.94 per cent, down from 12.92 per cent at the end of the March quarter.
Life Insurance of India, the largest domestic investor, also slashed its stake to 4.03 per cent from 4.18 per cent. Overall, insurance companies now hold 4.83 per cent, down from 5.80 per cent.
Shares of Tata Motors fell 1.5 per cent to Rs 303.95 in Mumbai trading on Tuesday.
The company has been facing difficulties lately. Its biggest contributor to revenues, Jaguar Land Rover earlier this month said chip shortage in the international market could hit its business significantly.
However, some set of investors increased their holdings in the company. Mutual funds now hold 5.78 per cent in the firm, up from 5.30 per cent, the shareholding data showed. Foreign portfolio investors raised their holding to 14.28 per cent from 13.78 per cent.