Rekha Jhunjhunwala, wife of the late veteran stock market investor Rakesh Jhunjhunwala, faced a significant downturn today as she incurred a staggering loss of over Rs 800 crore in notional value. This loss stems from her investments in Titan Company, a Tata group firm.
The decline in Titan's stock price came after the company's Q4 results report, where the stock nosedived by more than 5 per cent during today's trading session. As of March 31, 2024, Rekha Jhunjhunwala held a 5.35 per cent stake in Titan, valued at Rs 16,792 crore based on Friday's closing price. However, Titan's market capitalization plummeted below the Rs 3 lakh crore mark today to Rs 2,98,815 crore from Rs 3,13,868 crore on Friday.
Consequently, the notional investment value of Rekha Jhunjhunwala's stake in Titan plunged to Rs 15,986 crore, marking a decline of Rs 805 crore. The sharp decline in Titan's share price was triggered by the company's Q4 performance report, which revealed a modest 7 per cent increase in standalone net profit at Rs 786 crore compared to Rs 734 crore in the same quarter last year. Despite this profit growth, the company's revenue for the quarter rose by 17 per cent to Rs 10,047 crore. According to reports, Titan shares hit a low of Rs 3,352.25 on the Bombay Stock Exchange (BSE) during today's trading session.