Lupin shares fall as Jhunjhunwala cuts stake

Shares of drug-maker Lupin Ltd fell sharply on the bourses today after the company disclosed that renowned investor Rakesh Jhunjhunwala has lowered his stake in the company by more than half through the sale of stock currently worth over Rs 300 crore.

In a corporate disclosure to the stock exchanges on its latest shareholding pattern, Lupin disclosed that the stake held by Jhunjhunwala and his wife, Rekha Jhunjhunwala, stood at 1.73% as of June 30, 2011.