Shares of Firstsource Solutions declined almost 4 percent in intraday trade on BSE on January 12 and looked on course to extend the loss into the second consecutive session.
Investors started selling the shares of the IT firm after the data showed Rakesh Jhunjhunwala pared his stake in the company during the December quarter of FY21.
Data released by the company on January 8 on BSE showed that Jhunjhunwala held 90,00,000 shares of the company at the end of the June quarter against 2,00,00,000 shares that he held at the end of the September quarter.
However, mutual funds (MFs) and foreign portfolio investors (FPIs) raised their stake in the company during the said quarter.
At the end of the September quarter, MFs held 6,46,07,524 shares of the company, which rose to 7,76,98,926 shares at the end of the December quarter.
Similarly, FPIs held 4,55,96,115 shares of the company at the end of the September quarter which rose to 5,01,58,039 shares at the end of the December quarter.
Shares of Firstsource Solutions traded 2.38 percent lower at Rs 96.35 on BSE at 1220 hours.