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In a filing to the BSE, Jhunjhunwala said, "On February 14, I along with persons acting in my concert (Rekha Jhunjhunwala) have sold 42.50 lakh shares (4.20 per cent) of Intellect Design Arena".
"This takes our total shareholding in Intellect Design Arena to nil ," he added.
Based on the stock's weighted average price of Rs 124.91 on February 14, the transaction value is estimated at Rs 53.08 crore.
Intellect Design Arena is a Chennai-based company.
Shares of the company were trading 1.93 per cent higher at Rs 113.45 on the NSE.