Top investor and broker Rakesh Jhunjhunwala has reduced his stake in Lupin Ltd by more than half through the sale of stock currently worth over Rs300 crore, Lupi disclosed in a regulatory filing.
Lupin, in a corporate disclosure to the stock exchanges on its latest shareholding pattern, said that the stake held by Jhunjhunwala and his wife, Rekha Jhunjhunwala, stood at 1.73 per cent as of 30 June 2011.
Their combined stake of the Jhunjhunwala's in Lupin was 3.22 per cent holding at the end of March 31.
As per the shareholding disclosure, Jhunjhunwala's holding in Lupin was reduced by 66.6 lakh shares, currently worth over Rs 300 crore during the first quarter of the current fiscal.
Shares of the company reacted sharply to the disclosure, closing at Rs 460, down 3.96 per cent on the Bombay Stock Exchange.