best stock advisory company in indoreStock advisory CompanyStock Advisory in Indorestock market advisory tipsTop 10 advisory company in IndoreTop 10 advisory in indore
Stock Market Tips >> PC Jeweller slips nearly 60% amid Vakrangee buzz but recovers later
BSE had sought clarification from PC Jeweller earlier in the day with reference to decrease in price
Shares of PC Jeweller came under heavy selling pressure on Friday, crashing nearly 60 percent in intra-day trade, but later recovered most of the lost ground after management's commentary that "the fundamentals of the company remain strong".
The stock faced severe drubbing amid sharp fall in the shares of Vakrangee Ltd, which had purchased shares of PC Jeweller late last month.
The stock of PC Jeweller tanked 24.40 percent to end at Rs 365.60 on BSE. During the day, it plummeted 59.65 per cent to Rs 195.10.
On NSE, shares of the company plunged 24.78 percent to close at Rs 364.25.
The company's market valuation also fell by Rs 46.5 billion (Rs 4,653.37 crore) to Rs 144.17 billion (Rs 14,417.63 crore).
"Promoters have not sold any shares.
Our fundamental is strong," PC Jeweller, MD, Balram Garg told PTI.
Asked whether scrip has fallen due to the acquisition of shares by Vakrangee, Garg said, "We have not sold any shares to them. Vakrangee has bought from the secondary market and how can we stop it."
Sign up for 2 days FREE TRIAL and experience the quality of our Calls >> www.ripplesadvisory.com
0 comments
Note: only a member of this blog may post a comment.