Business

Rakesh Jhunjhunwala sells 96 crore Worth of Shares in This Gaming Company, Stocks fall in value

Rakesh Jhunjhunwala, the big bull of Dalal Street, sold a stake in Delta Corporation, a gaming and hospitality company. Delta Corp was under selling pressure on Monday, as it drew further closer to its 52-week low.

At 2.46 p.m., Delta was trading at 168.70 per share on the BSE, down 15.50% or 8.41%. The company’s market capitalization is currently around 4,511.79 crore.

The stock has dropped to an intraday low of 166.65 rupees, just a few rupees above the 52-week low of 162.10 rupees.

Rakesh Jhunjhunwala, dubbed the “Warren Buffett of India,” decreased his interest in the company, causing the stock to plummet.

Rakesh Jhunjhunwala offloaded 5,750,000 equity shares in Delta Corp. at 167.17 per, according to BSE bulk data.

As a result, Jhunjhunwala has sold shares in Delta Corp for 96.12 crore.

Delta Corp’s stock has plummeted in value during the last few months.

Delta’s stock has plunged more than 28% in the last month. While the stock has plummeted by 46% in the last three months.

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According to the regulatory filing, Rakesh Jhunjhunwala owns 1,15,00,000 equity shares in Delta Corp, or 4.30%, while his wife Rekha owns 85,00,000 equity shares, or 3.18%.

The pair owns 7.48% of the corporation, or 2 crore equity shares. Rakesh is in charge of his and his wife’s investments.

Jhunjhunwala’s shares are currently valued at about 340 crore, according to Trendlyne data.

Delta Corp made a consolidated net profit of 66.99 crore in FY22, compared to a deficit of 24.10 crore the year before. In FY22, consolidated net sales were 616.13 crore, up from 418.87 crore in FY21.

Delta’s gaming activities generated revenue of 541.79 crore in FY22, up from 309.38 crore in FY21, while its online skill gaming operations generated revenue of 161.97 crore, down from 183.37 crore in FY21. In the meantime, revenue from hospitality and other operations increased to 61.44 crore in FY22 from 22.77 crore the previous year.

Delta Corp’s wholly-owned subsidiary Deltatech Gaming filed a draught red herring prospectus with Sebi on June 16 for a projected 550 crore initial public offering (IPO). The IPO consisted of a 300-crore new issuance and a 250-crore offer for sale.

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