Rakesh Jhunjhunwala raised his stake in Tata Motors Differential Voting Right (DVR) shares in the quarter ended September 30. Legendary investor Jhunjhunwala — who is often referred to as the Big Bull of Dalal Street — held a 3.93 percent stake in Tata Motors DVR as of September 30, according to shareholding data released on Thursday.

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As of June 30, Jhunjhunwala had held 1.97 percent in Tata Motors DVR. The shareholding pattern data released on Thursday sent the Tata Motors DVR stock soaring.

Tata Motors DVR shares traded 5.7 percent higher at Rs 246 apiece on BSE in late afternoon deals, having jumped as much as 8.9 percent earlier in the day.

Tata Motors was up one percent at Rs 492 apiece, after rising as much as 2.5 percent during the session earlier.

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Ace investor Jhunjhunwala held a 1.11 percent stake in Tata Motors at the end of the July-September period, as against 1.14 percent at the end of the previous quarter.

Here's how Tata Motors and Tata Motors DVR shares have performed in the past two quarters:

Tata Motors DVR shares have rewarded its investors with a return of 344 percent in the past one year, and 86.7 percent in the past six months alone. Tata Motors shares have risen 281 percent and 66.4 percent respectively during this period.

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Differential voting right shares have limited voting and dividend rights compared to ordinary shares. Investors not concerned with voting rights in a listed company prefer DVRs to ordinary shares. DVRs are traded at a discount to ordinary shares.

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(Edited by : Ajay Vaishnav)