Rakesh Jhunjhunwala reduced his stake in healthcare company Fortis Healthcare to 4.23 per cent. Jhunjhunwala held a 4.31 percent stake or 3.25 crore shares of the company, as of June 30, 2021. As per the recent shareholding pattern, the ace investor reduced his stake by 6 lakh shares. Fortis Healthcare shares underperformed equity benchmarks. In the past five days, the stock is down 1.12 percent, even as the BSE Sensex and Nifty 50 hit new highs.
However, Fortis Healthcare stock has gained 3.25 percent in the past month, and 34 percent in six months. On a year-to-date (YTD) basis, the stock rose 72.15 per cent to Rs 268.5 each from Rs 156 each. Last week, Big Bull reduced its stake to less than one percent in major drugmaker Lupine.
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Analysts say that with a high net worth investor reducing his stake in the company and demand for risky sector bets at all-time highs, Fortis Healthcare is seeing a correction. “Technically speaking, the 277 level is huge resistance and only a daily close above that level would trigger an uptrend. AR Ramachandran, co-founder and coach, Tips2Trades, tells Financial Express Online.
Fortis Healthcare was trading in the red at 268 rupees per share on BSE, in late morning trades, even with BSE Sensex up 0.74 percent, making a new high. In terms of trading volume, 40,000 shares have been traded so far on the Bahrain Stock Exchange, while a total of 13.30 thousand shares have been traded on the NSE. Fortis Healthcare’s share price is down more than 21 per cent from its peak of Rs 304, which was touched on August 30, 2021. “Despite the increase in non-Covid business at Fortis Healthcare, it could take 12-15 months to get back to normal,” he said. Akhilesh Ghat, Pharma Analyst at CapitalVia Global Research, for Financial Express Online