Escorts tumbles as Rakesh Jhunjhunwala pares stake

12 Apr 2022 , 02:23 PM

In an exchange filing on Tuesday, Escorts reported that Rakesh Jhunjhunwala sold 47,19,362 shares or 3.5769% stake on 11 April 2022 by subscribing to open offer launched by Japans Kubota Corporation for acquiring additional 28.42% stake in the company.

As of 18 February 2022, the veteran investor held 5.68% stake in the company. Post transaction, Rakesh Jhunjhunwala decreased its shareholding to 18,30,388 equity shares or 1.387% stake in Escorts.

Shares of Escorts extended their losing run to fourth consecutive trading session. The counter has slumped 17.8% in four days.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

Escorts consolidated net profit dropped 32.36% to Rs 193.71 crore on a 2.83% decline in revenue from operations to Rs 1,984.28 crore in Q3 FY22 over Q3 FY21.

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