Ion Exchange (India) slips after Rakesh Jhunjhunwala sells stake

Ion Exchange (India) fell 1.44% to Rs 1,383 after Rakesh Jhunjhunwala and his firm Rare Investments on Tuesday sold an aggregate 5.38 lakh shares, or 3.6% stake, in the company via bulk deals on the BSE.

According to bulk deal data on BSE, market veteran Rakesh Jhunjhunwala sold 1.50 lakh equity shares (1.03% equity) of the company at Rs 1,205.19 per share yesterday, 2 March 2021.

Rare Enterprise, owned by Rakesh Jhunjhunwala and his wife, Rekha Jhunjhunwala, sold 3.87 lakh equity shares (2.64% equity) of Ion Exchange (India) at Rs 1,205.42 per share.

Meanwhile, Plutus Wealth Management bought 4.75 lakh equity shares (3.24% equity) of Ion Exchange (India) at Rs 1,220.75 per share.

As on 31 December 2020, Rakesh Jhunjhunwala held 5.28% in the Ion Exchange (India).

Ion Exchange (India)'s net profit rose 10.5% to Rs 30.67 crore on a 11.7% decline in net sales to Rs 333.79 crore in Q3 FY21 over Q3 FY20.

Ion Exchange (India) is engaged in water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives. The firm's segments are: engineering, chemicals and consumer products.

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