Federal Bank slips after Rakesh Jhunjhunwala Pares Stake

Shares of Federal Bank fell over 1% after prominent investor Rakesh Jhunjhunwala pared his stake in the bank in Jul-Sep.

Rakesh Jhunjhunwala held 1.86% stake in the bank as on September 30, down from 2.18% at the end of June quarter, the company’s shareholding data, released late Thursday, showed.

Shares of the bank have remained flat in the three months ended September.

The stock is currently trading at Rs 116.6, down by Rs 1.4 or 1.19% from its previous closing of Rs 118 on the BSE.

The scrip opened at Rs 118.85 and has touched a high and low of Rs 118.85 and Rs 116 respectively. The stock is currently trading above its 100 DMA.


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