Jhunjhunwala who is also a key investor in other Tata Group firms such as Titan, Indian Hotels and Rallis India, held 4,00,00,000 shares in Tata Motors at the end of the September quarter.
Shares of Tata Motors were trading 0.50 per cent higher at Rs 131.40 on the BSE in the afternoon session.
The scrip has more than doubled from its March low of Rs 63.60 but is still down 29 per cent for the year-to-date.
In an interaction with ET Now earlier this month, Jhunjhunwala had said that he was confident of the company’s plans to become debt-free.
Separately, promoter Tata Sons also hiked its holdings in Tata Motors DVR to 7.14 per cent at the end of September from 5.26 per cent at the end of June.
Global brokerage Nomura, meanwhile, held a reduce rating on the stock.
In a note on Thursday, the brokerage said it expects a 32 per cent year-on-year (YoY) revenue decline for Jaguar-Land Rover (JLR), led by around 39 per cent YoY decline in volumes.
“On a standalone basis, we expect ~5% YoY revenue growth driven by similar growth in overall volumes. EBITDA margin loss to come down to -1.2% on stable commodity, operating leverage benefit and cost control,” Nomura said in the note.