Star Health and Allied Insurance Co, backed by ace investor Rakesh Jhunjhunwala, recovered after a weak stock market debut on Friday with the stock surging to a day's high of ₹940 per share on the BSE.
Star Health shares were trading near its issue price of ₹900 in afternoon deals on its first day. As one of the promoters of the company, the ‘Big Bull' who has over 14% stake in the private health insurer, as per its RHP, has made a profit of over ₹6,000 crore as the stock hit a high of ₹940 intraday.
His average cost of acquisition was at ₹156 per equity share, Star Health's prospectus further showed. Jhunjhunwala did not put up any shares for sale in the IPO.