Titan Company on Monday had a decline in its share of more than 7% in their value. It witnessed an intraday low of Rs. 3,281 on the Bombay Stock Exchange (BSE).
This was the company’s worst day since March 18, 2020, when it missed its profits estimate for the last quarter of the financial year 2024 due to higher gold prices and bigger discounts.
Titan share price closed at Rs. 3,281.65 on the Bombay Stock Exchange, from a low of Rs. 3,352.25 earlier in the day, on Monday.
The company reported a 5% increase in consolidated profit after tax (PAT) to Rs. 771 crore for the March quarter of FY24, up from Rs. 736 crore in the previous year. The company’s net worth decreased below Rs. 3 lakh crore to Rs. 2,91,340.35 crore, resulting in a loss of almost Rs. 22,000 crore in market capitalization.
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On Tuesday (May 7), Titan’s share price opened at Rs. 3308.35. At the time of writing around 3.50 pm today, it was trading at 3276.25.
Impact on Large Investors
The fall in Titan’s share price has resulted in losses for large investors. They are reported to have lost more than Rs. 100 crore as a result of Titan’s stock price fall.
Also Read: What moves your favourite stock’s price up and down everyday?
According to the Hindustan Times, the drop reduced the value of Ms Jhunjhunwala’s Titan shareholding to around Rs. 15,986 crore.
For the Jhunjhunwala family, Titan, a Tata group firm, is their main investment as of March 31, 2024. According to reports, Ms. Jhunjhunwala owns a significant 5.35% stake in the company, which is worth Rs. 16,792 crores according to Friday’s closing price.
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Disclaimer: The above content is for informational purposes only. The 1% News recommends consulting a SEBI-registered investment advisor before making any investment decision.
