The share price of VIP Industries fell 6 percent in intra-day deals on Thursday after latest data showed that ace investor Rakesh Jhunjhunwala sold shares of the company in the March quarter of FY21.
The stock fell as much as 6.1 percent to its day's low of Rs 313 per share on the BSE.
Jhunjhunwala sold a 2.99 percent stake in VIP Industries in the March 2021 quarter. He now owns a 0.70 percent stake in the firm while his wife Rekha Jhunjhunwala continues to hold 1.62 percent shares of the company.
Together, Jhunjhunwalas hold a 2.32 percent stake in VIP Industries as of March quarter as compared to a 5.31 percent in December 2020 quarter.
At the end of Q4FY21, Jhunjhunwala held 32,73,400 shares in VIP Industries, which was lower by 42.27 lakh shares from what Jhunjhunwala held at the end of Q3FY21.
He held 22,85,400 shares and 52,15,000 shares — 75,00,400 in total through two accounts in the December quarter.
VIP Industries manufactures an array of luggage and travel accessories under various well-known brands like VIP, Aristocrat, Alfa, Footloose, Sky bags, etc. Since the company caters to the tourism industry, it is likely to see an impact of the second wave of COVID-19, as tourism and hospitality industry continues to see curbs.