The large cap stock has fallen 6.85% in the last three days. The luxury goods stock was the top Sensex and Nifty loser today. 
The large cap stock has fallen 6.85% in the last three days. The luxury goods stock was the top Sensex and Nifty loser today. 
Titan Company stock was the top loser on Sensex and Nifty today after investors extended their profit booking spree for the third consecutive session. The stock, which forms a key component of ace investor Rakesh Jhunjhunwala's portfolio, fell 3.78 per cent to an intraday low of Rs 2,519.50 on the BSE.
Later, it closed 3.59 per cent lower at Rs 2524.60. The stock is down 8.77 per cent from the all-time high of Rs 2767.55 hit on March 21 this year. It touched a 52-week low of Rs 1,400 on May 4, 2021.
Jhunjhunwala and his wife Rekha together held 4,52,50,970 shares, or 5.09 per cent stake, in the company at the end of December quarter. In the last quarter, Rakesh Jhunjhunwala held 3.57 crore shares, or 4.02 per cent stake, in the firm. His wife Rekha owned 95.40 lakh shares, or 1.07 per cent stake in the firm.
The large cap stock has fallen 6.85 per cent in the last three days. The luxury goods stock was the top Sensex and Nifty loser today.
This Jhunjhunwala stock doubled investor wealth in a year, hit 52-week high today
On Nifty, the stock fell to an intraday low of Rs 2518 against the previous close of Rs 2618.50. Later, it closed 3.38 per cent lower at Rs 2,530.
The share has climbed 74 per cent in a year but lost 0.02 per cent since the beginning of this year.
Titan Company shares stand higher than the 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
A total of 1.14 lakh shares of the firm changed hands, amounting to a turnover of Rs 29.10 crore. Market cap of the firm fell to Rs 2.24 lakh crore on the BSE.
Meanwhile, JP Morgan has adopted a neutral stance on the Titan Company stock. It has assigned a target price of Rs 2,618. "With valuations at 77 times/64 times FY23/24E P/E and limited scope for earnings per share upgrades, share price returns could be modest in the short term," JP Morgan said.
"Our store channel checks suggest a tapering of demand in recent weeks with increased gold price volatility and more alternatives for discretionary spends," said the global brokerage.
Share Market updates: Sensex falls 233 points, Nifty ends below 17,200
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