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A2Z Maintenance tanks 33% in four days post stake sale by Jhunjhunwala

Rakesh Jhunjhunwala and family sold 1 million shares of the company on March 7 and March 8.

SI Reporter  |  Mumbai 

A2Z Maintenance and Engineering Services has tanked 13% to Rs 22.40, extending its 20% fall in past three trading sessions on BSE after the company said investor and his family sold more than one million shares of the company through open market transaction.

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.

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.

First Published: Wed, March 13 2013. 12:09 IST