PC Jeweller tanks 46% in three days despite clarification on price fall

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Kamlesh Pednekar)
Shares of PC Jeweller have tanked 34% to Rs 157 per share, their fresh 52-week low on the BSE in intra-day trade on Friday, extending their over 15% drop in past two trading sessions on back of heavy volumes.

The trading volumes on the counter jumped more than four-fold with a combined 53.1 million shares representing 13% of total equity of PC Jeweller have changed hands on the NSE and BSE till 03:22 pm.

In past three trading days, the stock plunged 46% from Rs 289 on Tuesday, April 24, 2018 in otherwise firm market. PC Jeweller has lost nearly Rs 5,000 million market capitalisation during the period.

With today’s fall, the stock plunged 74% from its record high level of Rs 601, touched on January 16, 2018 in intra-day deal, the BSE data shows.

On Wednesday, PC Jeweller said that 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 16% fall in shares price of the company.

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.

Currently, the stock was trading 27% lower at Rs 174 on the BSE against 0.75% decline in the S&P BSE Sensex.

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