The stock opened at Rs 25.85 and has seen a combined 2.08 million shares changing hands on the counter so far on BSE and NSE.
“Rakesh Jhunjhunwala, along with Rajeshkumar Jhunjhunwala, Rekha Jhunjhunwala and Sushila Gupta collectively sold 1.03 million shares representing 1.39% stake in the company on March 7 and March 8,” according to disclosure made by the company on NSE.
Post sale, the combined holding of these entities has declined to 19.91%, the company said.
Rakesh Jhunjhunwala and his family which held 22.68% stake in the company at the end of September 2012 quarter have reduced their holdings by around 3 percentage points in the past six months.
Meanwhile, the stock has underperformed the market by falling 68% on BSE compared to 3.8% rise in benchmark index Sensex in past six months.