Rakesh Jhunjhunwala likely exited this PSU firm in June quarter

New Delhi: Ace investor Rakesh Jhunjhunwala likely exited the state-run aluminium miner National Aluminium (Nalco) during the June 2022 quarter.

According to the company's latest filing, Jhunjhunwala's name was missing from the key shareholders' list as of June 30, 2022.

Listed companies are obliged to release the name of shareholders holding one per cent or more stake in the company on a quarterly basis.

The Big Bull of Dalal Street held 2,50,00,000 equity shares or a 1.36 per cent stake in the company as of March 31, 2022, the company's shareholding data showed.

Shares of National Aluminium were trading at Rs 69.1 on Friday, down over 2 per cent. The scrip had settled at Rs 70.65 on Thursday.

Nalco stock has plunged more than 47 per cent from its 52-week high of Rs 132.75 scaled in March 2022. The stock has dropped more than 35 per cent in 2022 so far.

Nalco is a government company having integrated and diversified operations in mining, metal and power under the ownership of the Ministry of Mines and Government of India.

A month ago, ICICI Securities assigned a 'sell' tag to Nalco with a target price of Rs 52. That said, Axis Securities has a 'buy' call on the metal firm with a target price of Rs 107.

Jhunjhunwala, meanwhile, has stayed put in companies like Canara Bank, Star Health Insurance, Crisil, Fortis Healthcare, Man Infraconstruction and Prozone Intu Properties in Q1, the latest data shows.

According to the data from Trendlyne, Jhunjhunwala and associates publicly hold 32 stocks with a net worth of over Rs 27,943.2 crore as per the latest corporate shareholdings filed.

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