Sterling Holiday slumps on stake sale by Rakesh Jhunjhunwala

Rakesh Jhunjhunwala sold 2.43 million equity shares at Rs 276 per share, through a bulk deal on the BSE on Friday

Shares of Sterling Holiday Resorts were down nearly 12% to Rs 238 after billionaire investor Rakesh Jhunjhunwala sold majority of shares held by him in Sterling Holiday Resorts (India) Ltd, for a cumulative trade price of Rs 67.21 crore.

The investor sold 2.43 million equity shares at Rs 276 per share, through a bulk deal on Friday, as per the data on the Bombay Stock Exchange. Meanwhile, ICICI Prudential Mutual Fund bought 2.42 million shares at Rs 276 per share through bulk deals on Friday.

The stock opened at Rs 265 and touched a low of Rs 235. At 11:20AM, nearly 55,000 shares were traded on the Bombay Stock Exchange.