Rakesh Jhunjhunwala’s stake in this banking stock fell in Q2FY23. do you have

Rakesh Jhunjhunwala’s stake in Canara Bank

As per Canara Bank shareholding pattern for Q2FY23, 1.48 per cent or 2,68,47,400 shares of Canara Bank are held by Late Rakesh Jhunjhunwala. However, in Canara Bank’s shareholding pattern for the April to June 2022 quarter, Rakesh Jhunjhunwala, who was then alive, held 3,55,97,400 shares of Canara Bank or 1.96 per cent stake in this state-owned bank. This means, Rakesh Jhunjhunwala’s stake in this PSU banking stock went down during Q2FY323.

However, it would be difficult to ascertain whether 87.50 lakh shares of Canara Bank were sold while Rakesh Jhunjhunwala was alive or were sold after his death. As per the exchange rules, it is mandatory for a listed company to share the names of the shareholders, who hold 1 per cent or more shares of the company, while sharing the shareholding pattern at the end of every quarter. However, in this shareholding pattern, they only share the name and ownership of the individual, they do not share the details of purchase and sale of shares. Therefore, it cannot be ascertained on which date and in what quantity the stock was sold. It is also difficult to establish whether these stocks were sold in a single shot or were offloaded in a calibrated manner.

Canara Bank Share Price History

Canara Bank shares have been going through a sell-off phase in the recent quarters. In the last six months, this PSU banking stock has fallen from around from 235 227 at each level, incurs a loss of about 3.5 percent to its shareholders. This banking stock has almost slipped in the last one month 255 to Rs 227 levels, a decline of over 10 per cent in this short time horizon.