Rakesh Jhunjhunwala stake dips in this banking stock in Q2FY23. Do you own?

Rakesh Jhunjhunwala portfolio: Canara Bank shareholding pattern for July to September 2022 period is public now. In this shareholding pattern, late Rakesh Jhunjhunwala’s shareholding has dipped from 1.96 per cent to 1.48 per cent. As per the list of individual shareholders of the PSU bank, late Rakesh Jhunjhunwala’s holding in this state-owned bank haws come down at 1.48 per cent which was at 1.96 per cent in June 2022 ended quarter. The ‘Big Bull’ of the Indian stock market had kept his shareholding unchanged during April to June 2022 quarter.

Rakesh Jhunjhunwala shareholding in Canara Bank

As per the shareholding pattern of Canara Bank for Q2FY23, 1.48 per cent or 2,68,47,400 Canara Bank shares belong to late Rakesh Jhunjhunwala. However, in shareholding pattern of Canara Bank for April to June 2022 quarter, Rakesh Jhunjhunwala, who alive at that time, was holding 3,55,97,400 Canara Bank shares or 1.96 per cent stake in this state-owned bank. This means, shareholding of Rakesh Jhunjhunwala went down in this PSU banking stock during Q2FY323.

However, it would be difficult to ascertain whether 87.50 lakh Canara Bank share were sold out when Rakesh Jhunjhunwala was alive or it was sold out after his death. As per the exchange rules, it is mandatory for a listed company to share the name of shareholders who own 1 per cent or more shares of the company while sharing shareholding pattern at the end of every quarter. However, in this shareholding pattern, they only share the name and shared owned by the individual, they don’t share details of buying and selling of stocks. So, it can’t be ascertained on which date and how much quantity of the stock were sold out. It is also difficult to establish whether these stocks were sold out in single shot or it was offloaded in a calibrated manner.

Canara Bank share price history

Canara Bank shares have remained under sell-off heat in recent quarters. In last six months, this PSU banking stock has dipped from around 235 to 227 apiece levels, delivering around 3.5 per cent loss to its shareholders. In last one month, this banking stock has slipped from around 255 to rs 227 levels, losing more than 10 per cent in this short time horizon.

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