Rakesh Jhunjhunwala is a famous Indian stock market expert investor. His decisions play a big role in the Indian stock market. People also call him Indian Big Bull. Recently he has sold 25 lakh shares of Delta Corp via open market transaction.
Rakesh Jhunjhunwala has reduced his holdings from 7.1% to 6.16% in Delta Corp according to the company filing with NSE (National Stock Exchange). Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together owned a 7.5% stake in the company, as of the fourth quarter of the financial year 2022.
Initially, in 2016 Rakesh Jhunjhunwala and his wife were holding a 10% stake in Delta Corp company. But from 2017 they started reducing their holdings in this company. In 2017 they sold 57,50,000 shares and reduced their holding to 7.1%.
After his selling, the price of Delta Corp Ltd. was reduced by 2.84% and traded at ₹ 212 at the day end of June 01. Before this fall the stock was trading at 223.45 during the opening of the market.
For the past several weeks, the price of this stock was plummeting because the company also reported weak earnings results for the fourth quarter of FY22. According to reports, the company’s net profit dipped more than 16% (approx. 48 crores). But apart from this, the company’s profit jumped 3.3% year-on-year in Financial Year 2022.
The Delta Corp company deals in the casino and recreation business and recently the government has announced 28% GST (Goods and Service Tax) on casinos, online games, and horse racing businesses. This 28% tax on this business is the major reason for the declining sales and profit of Delta Corp.
Are you still holding the shares of Delta Corp Ltd.? If your answer is yes then this news is more important for you.
