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Big bull of Dalal Street, Rakesh Jhunjhunwala dumped a portion of his shareholding in the gaming and hospitality firm, Delta Corporation. On Monday, Delta Corp is under selling pressure and even inched closer to its 52-week low mark.
At around 2.46 pm, Delta was trading at ₹168.70 apiece down by ₹15.50 or 8.41% on BSE. At the current price level, the company's market cap is around ₹4,511.79 crore.
The shares have touched an intraday low of ₹166.65 apiece, a couple of rupees away from the 52-week low mark of ₹162.10 apiece.
The shares tumbled after Rakesh Jhunjhunwala, who is often referred to as the 'Warren Buffett of India' reduced his stake in the company.
As per bulk data on BSE, Rakesh Jhunjhunwala offloaded 5,750,000 equity shares at ₹167.17 apiece in Delta Corp.
Thereby, Jhunjhunwala has sold shares amounting to ₹96.12 crore in Delta Corp.
Delta Corp shares have corrected drastically in the past few months.
In a month, Delta shares have dropped by more than 28%. While in the last three months, the shares nosedived by a whopping 46%.
As of March 31, 2022, Rakesh Jhunjhunwala holds 1,15,00,000 equity shares or 4.30% in Delta Corp, while his wife Rekha holds 85,00,000 equity shares or 3.18%, as per the regulatory filing.
Together, the couple holds 2 crore equity shares or 7.48% in the company. Rakesh manages his and his wife's portfolio.
As per Trendlyne data, Jhunjhunwala's shares are cumulatively valued at around ₹340 crore as of today.
In FY22, Delta Corp recorded a consolidated net profit of ₹66.99 crore compared to a loss of ₹24.10 crore in the previous fiscal. Consolidated net sales stood at ₹616.13 crore in FY22 against ₹418.87 crore.
On segment-wise performance, Delta posted a revenue of ₹541.79 crore in FY22 from the gaming operations versus ₹309.38 crore in FY21, while its revenue from online skill gaming operations was at ₹161.97 crore versus ₹183.37 crore in FY21. Meanwhile, revenue from hospitality and other operations stood at ₹61.44 crore in FY22 against ₹22.77 crore in FY21.
On June 16, Delta Corp's wholly-owned subsidiary Deltatech Gaming filed a draft red herring prospectus with Sebi for a proposed initial public offering (IPO) amounting to ₹550 crore. The IPO comprised a fresh issue of ₹300 crore and an offer for sale up to ₹250 crore.