Titan Company share price fell below Rs 1,000 today for the first time since February 2019 as Indian market reels under the effect of global stocks rout led by rising cases of coronavirus. The large cap stock which is also part of ace investor Rakesh Jhunjhunwala's portfolio lost 8.06% to Rs 921 (a fresh 52-week low) in early trade compared to the previous close of Rs 1,001.70 on BSE.
Share price of Titan Company has fallen 12.54% in last three days. Share price of Titan Company has lost 28.27% in the last one month. The stock is down 20.81% since the beginning of this year.
The stock closed 7.12% or 71.30 points lower at Rs 930.40 on BSE. On NSE, the stock closed 7.31% lower at Rs 927.85.
Jhunjhunwala owned 5.27% in Titan Company at the end of Q3. The big bull held 4.67 crore Titan shares at the end of Q3 compared to 4.52 crore shares in the preceding quarter.
His wife Rekha Jhunjhunwala held 1.42% in Q3. At the end of Q3, Rekha Jhunjhunwala held 1.26 crore shares compared to 1.24 crore shares in the preceding quarter.
Rakesh Jhunjhunwala first bought Titan stock in 2002-2003. Since then, the smart investor has been altering his shareholding, according to market conditions and performance of the firm.
Another key shareholder LIC also hiked its stake in Titan to 1.64 per cent from 1.02 per cent.
The state-owned insurer held 1.46 crore shares in Titan at the end of third quarter compared to 95.49 lakh shares at the end of September quarter in 2019.Titan Company reported a standalone net profit of Rs 470 crore for December quarter, a rise of 12.9 per cent from Rs 416.23 crore net profit in the same period last year.
Titan Company's sales for Q3 grew 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year.