Tata Coffee, Astra Microwave Products, Bank of Maharashtra, Chennai Petroleum Corporation (CPCL), CARE Ratings, Gitanjali Gems, JBF Industries, Jubilant Industries and IVRCL are among notable stocks too hit 52-week lows on the BSE.
At 02:49 pm; the S&P BSE Smallcap index, the largest loser among broader indices, was down 0.89%, as compared to 0.75% decline the S&P BSE Midcap index and 0.27% fall in the benchmark S&P BSE Sensex.
HCC has dipped 15% to Rs 24.40, its lowest level since August 31, 2016, after the media report suggested that its subsidiary Lavasa Corporation (Lavasa) headed for bankruptcy.
“Lavasa has been working jointly with the consortium of lenders for a financial solutions for Lavasa. Due to Reserve Bank of India’s (RBI) recent notification on the Insolvency and Bankruptcy Code (IBC), the process has been slowed down till further clarity on the finer nuances for the revised framework
emerge,” HCC said on clarification on news
Lavasa is hopeful of comprehensive
solution for its debt recast once the revised framework is deliberated to the satisfaction of all involved. Lavasa’s top priority is to safeguard the interests of all stakeholders, including the home buyers, who have believed in and supported the project, it added.
JBF Industries hit a four year low of Rs 103, falling 29% in past one week, after the promoters of the company sold their stake in the company through open market.
Bhagirath C Arya (395,000) and Chinar Arya Mittal (22,000) had collectively sold 417,000 equity shares representing 0.5% stake of JBF Industries between March 15 and March 20, 2018, the company said in a regulatory filing.