Rakesh Jhunjhunwala exits underperforming pharma bet in Q2

New Delhi: Ace investor Rakesh Jhunjhunwala has completely or partially exited from one of his underperforming pharmaceutical bets.

According to data from Trendlyne, the ‘Big Bull’ of Dalal Street has sold his stake in pharma major

as his name was not there in the list of key shareholders of the company as of September 30, 2021.

Jhunjhunwala held 72,45,605 equity shares or 1.6 per cent stake in the company as of June 30, 2021. Companies are not obliged to reveal names of shareholders who hold less than 1 per cent stake in a firm.

Jhunjhunwala, often known as India’s own Warren Buffet, kept his stake in Lupin constant for more than two years, but ultimately took an exit after the prolonged underperformance of the stock.

Shares of Lupin has delivered negative return in 2021 thus far. The scrip is declined as much as 8 per cent in the last one year, whereas BSE Sensex has rallied about 50 per cent during the period under review.

The Mumbai-based Lupin is a homegrown multinational pharmaceutical player and one of the largest generic pharma companies by revenue globally.

The company’s key focus areas include paediatrics, cardiovascular, anti-infectives, diabetology, asthma and anti-tuberculosis.

On Tuesday, the stock advanced up to a per cent to close at Rs 966.

As per the latest corporate shareholdings filed, Rakesh Jhunjhunwala, who is also the largest individual shareholder of India, publicly holds 39 stocks with a net worth of over Rs 24,934.7 crore.

Domestic brokerage firm Axis Securities expects Lupin to report $190 million US sales, aided by strong product mix and fall in other expenses. The company is likely to declare its earnings for the September quarter next month.

Another brokerage firm, Phillip Capital, expects flat growth in sales as recovery in domestic business is offset by price erosion in the US. “Margins may increase by 180 basis points and earnings may rise about 40 per cent due to low base.”

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