Rakesh Jhunjhunwala's stocks fall up to 30% since December 1
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alok agarwal
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Dec 17, 2011, 11:03:23 AM12/17/11
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MUMBAI: Billionaire investor Rakesh Jhunjhunwala, whose long-term bets
have earned him popular titles such as 'the big bull', now faces a lot of red in
his portfolio.
Since December 1, as
the market benchmark declined 6%, stocks that Jhunjhunwala owns have lost up to
30%. VIP
Industries, a big chunk of the billionaire's portfolio, led the list with
the maximum notional loss of 30.5%.
Other losers include Provogue India, Subex and Reliance
Broadcast Network, Aptech and Delta
Corp, all of which are down 16-25%. Broadly, Jhunjhunwala's entire portfolio
is in the red, with 25 out of 28 stocks analysed by ET recording a decline in
December.
The other three counters
include Sterling Holiday Resorts, which is up 3%, and Autoline
Industries, up 22%. However, among those caught in the red are stocks that
analysts believe have good fundamentals, and have been facing undue pressure due
to the 'Rakesh phenomenon'.
Reportedly, the investor has been selling his positions
recently to cover for losses from loss-making silver trades. In a nervous
market, any news of such a sell-off triggers a much broader sell-off from the
investor's many followers.
In a
response to ET last month, Jhunjhunwala rubbished the claims and said, "People
can say anything they want, I have no comments. I never talk about my trading
bets."
One stock caught in the
crossfire of rumours is Lupin, in which the billionaire holds around 2%. Since
December 1, the pharmaceutical company's shares have lost 7.6% and are trading
around Rs 430.