Rakesh Jhunjhunwala's Bet on This Stock is Backfiring After 20% Drops

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Rakesh Jhunjhunwala's Bet on This Stock is Backfiring After 20% Drops
02 Jun 2022
6 min read

News Synopsis

Some of Big Bull Rakesh Jhunjhunwala's stocks have had significant corrections in recent months. Delta Corporation, a casino, and recreation corporation based in Mumbai, is the most recent addition to the list. Rakesh Jhunjhunwala owned more than 10% of Delta Corp in 2016. He has continuously reduced his stake since then. According to the most recent regulatory documents obtained by ET Now, his ownership has been reduced to 6.17 percent.

Delta Corp's share price fell 7% as a result of the announcement, bringing its losses in the last month to more than 20%. Delta Corp bore the brunt of the Covid-19 pandemic, forcing it to close its casinos for many months in 2020 and 2021 due to lockdowns and travel restrictions.

In fact, Delta Corp has lost two-thirds of its worth between the time the first Covid-19 instances were recorded in China and when India declared a statewide lockdown in March 2020.

Since then, the company's stock has increased fivefold, surpassing the $300 mark in early April. However, the tide shifted after its fourth-quarter results were announced.

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