Rakesh Jhunjhunwala sells 96 cr in gaming shares.

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The big bull of Dalal Street, Rakesh Jhunjhunwala, recently sold off a portion of his shareholdings in the company Delta Corporation, which is involved in gambling and hotels. This Monday, Delta Corp is being targeted by sellers and has even inched closer to the level indicating its 52-week low. On the BSE, Delta was trading at 168.70 rupees a share at approximately 14.46 o’clock, representing a decrease of 15.50 rupees, or 8.41 per cent. The company’s market capitalization is around 4,511.79 crore rupees at the moment’s prices.

The stock has fallen as low as 166.65 rupees a share during the trading session, which is only a few rupees above its 52-week low of 162.10 rupees per share. The news that Rakesh Jhunjhunwala, frequently referred to as the “Warren Buffett of India,” had cut his position in the company caused the shares to decline significantly. According to the bulk data available on the BSE, Rakesh Jhunjhunwala sold 5,750,000 equity shares in Delta Corp. at 167.17 rupees.

As a result, Jhunjhunwala has completed the sale of Delta Corp. shares with a total value of 96.12 crores. The share price of Delta Corporation has experienced a significant decline during the past few months. Delta’s share price has plunged by more than 28 per cent in the past month. During the previous quarter, the company’s stock experienced a staggering decline of 46%.

Rakesh Jhunjhunwala holds 1,150,000 equity shares in Delta Corp, which is 4.30 per cent of the company, while his wife Rekha holds 85,000,000 equity shares, which is 3.18 per cent. The duo owns two crore shares in the corporation or 7.48%. Rakesh manages the couple’s portfolio. Trendline says Jhunjhunwala’s shares are worth 340 crore rupees. Delta Corporation recorded a combined net profit of 66.99 crores in FY22, up from 24.10 crores in FY21. FY22 close net sales were 616.13 crores, up from 418.87 crores.

On a segment-by-segment basis, Delta reported revenue of 541.79 crores in FY22 from the gaming operations, which increased from 309.38 crores in FY21. On the other hand, its income from online skill gaming came in at 161.97 crores, decreasing from 183.37 crores in FY21. While this was happening, revenue from hospitality and other operations increased to 61.44 crores in FY22 from 22.77 crores in FY21.

On June 16, the wholly-owned subsidiary of Delta Corp, known as Deltatech Gaming, submitted a draught red herring prospectus to Sebi for a potential initial public offering (IPO) of 550 crores. The initial public offering (IPO) included a new issuance of up to 300 crores and an offer for sale of up to 250 crores.

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