Ion Exchange share fell over 4% today after ace investor Rakesh Jhunjhunwala pared his stake in the water and environment management firm. Stock of Ion Exchange touched an intraday low of Rs 1347, falling 4.01% against previous close of Rs 1,403.20 on BSE.
The mid cap stock opened with a loss of 2.01% at Rs 1,375 today. The share has fallen after 4 days of consecutive gain.
Ion Exchange share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 56.35% in one year and risen 50.78% since the beginning of this year.
Market cap of the firm fell to Rs 5,004 crore on BSE.
As per bulk deal data on BSE, Jhunjhunwala sold a little over 1.5 lakh shares at Rs 1,205.19, valuing the deal at Rs 18.17 crore. His firm Rare Investments offloaded 3.87 lakh shares at Rs 1,205.42 apiece, taking the total deal value to Rs 46.73 crore.
At the end of December quarter of last year, Rakesh Jhunjhunwala held 5.29 percent stake in Ion Exchange. He owned 7.75 lakh shares in the firm at the end of last quarter.
Jhunjhunwala purchased Ion Exchange stock for first time in December 2007 quarter. He held 2.53% stake or 3,19,000 shares of the firm in the end of December quarter that year.