Rakesh Jhunjhunwala reduces stake in Tata Motors

19 Jul 2022 , 01:54 PM

On July 19, Tata Motors’ share price saw intraday losses as Rakesh Jhunjhunwala reduced his ownership position in the automaker. According to current ownership patterns on the BSE, the legendary investor reduced his holdings in the car giant between April and June.

As of June, Jhunjhunwala owned 1.09 percent of Tata Motors, or 3,62,50,000 shares, down from 1.18 percent in March. The stock was down Rs 3.30, or 0.73 percent, to Rs 447.60 as of 12:31 p.m. on the BSE. It reached a high of 451.75 rupees intraday and a low of 445.40 rupees intraday.

Tata Motors’ stock price has decreased over 11% so far this year, despite rising over 45 percent in the previous year. However, during the first quarter of the current fiscal year, LIC’s position in the Tata Group company climbed to 4.96 percent, or 16,47,09,306 shares, from 4.75 percent during the period January to March.

On July 8, Tata Motors announced a 48 percent increase in worldwide wholesales year over year for the first quarter of the fiscal year 2022—23. Including its flagship Jaguar Land Rover brand, the company’s global wholesale of automobiles grew to 3,16,443 units for the three months ended June 30, 2022.

The automaker major also said in a filing that during the third quarter, global wholesale sales of its commercial vehicles and Tata Daewoo range increased by 97 % YoY to 1,03,529 units.

When compared to Q1 FY22, the number of passenger cars increased by 32%, reaching 2,12,914 units. According to the exchange filing, Jaguar Land Rover sold 82,587 vehicles worldwide (the JLR total for Q1 FY23 includes CJLR volumes of 10,772 units). According to the statement, “Land Rover wholesales for the quarter were 67,991 automobiles compared to 14,596 vehicles for Jaguar during the same period.”