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Post transaction, Rakesh Jhunjhunwala decreased its shareholding to 18,30,388 equity shares or 1.39% stake from 65,49,750 equity shares or 4.96% stake held in Escorts. The deal was executed as market sale.
Escorts is engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, centre buffer couplers, automobile shock absorbers, telescopic front fork & Mcpherson struts, brake block, internal combustion engines and all types of brake used by railways.
On a consolidated basis, the company reported 32.4% fall in net profit to Rs 193.71 crore on 2.8% decline in net sales to Rs 1984.28 crore in Q3 FY22 over Q3 FY21.
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