PC Jeweller hits 52-week low; stock tanks over 25% in two trading days

PC Jeweller hit a 52-week low of Rs 208, down 15% on the National Stock Exchange (NSE) in early morning trade on back of heavy volumes. In past two trading days, the stock tanked 28% from Rs 289 on Tuesday, April 24, 2018.

With today’s fall, the stock plunged 65% from its record high level of Rs 601, touched on January 16, 2018 in intra-day deal, the NSE data shows.

At 09:56 am; PC Jeweller was trading 7% lower at Rs 227, as compared to 0.19% rise in the Nifty 50 index. The trading volumes on the counter more than doubled with a combined 22.54 million shares representing 5.7% of total equity of the company changed hands on the NSE and BSE so far.

Presently, the Company is not having any such information, which requires disclosure as aforesaid and the Company is not aware of reason of sudden decrease in price of equity share of the Company today, PC Jeweller said in clarification on shareholders / investors queries regarding a sudden shares price fall on Wednesday.

The' Company would further like to assure its investors, shareholders and other stakeholders that the fundamentals of the Company remain strong and it continues to move ahead on the growth path, it added.

None of the promoters of the Company have sold any shares in the market. However, one of the promoters, Shri Padam Chand Gupta has gifted some of his shares to his family member(s) through off-market transactions and the Company is already making the requisite disclosures in this regard from time to time, it added.

According to March 2018 shareholding pattern filed by the company, the total promoters holding of PC Jeweller declined to 60.24% from 60.54% at the end of December 2017 quarter.

Currently, Krishna Devi, one of the promoters, held nil holding against 0.26% stake (1.01 million) as on December 2017, the shareholding pattern data shows.