Wondering why PC Jeweller tanked 24% today? Read all about it here
Shares of PC Jeweller tanked nearly 60 per cent on the BSE in intraday trade, following rumours, IT firm Vakrangee sold about 20 lakh shares of the jewellery firm in open market.
Vakrangee had purchased roughly half a percent stake in the company on January 25, 2018.
Reacting to the rumour, PC Jeweller hit an intraday low of Rs 195.10, down 59.7 points on the BSE, but pared some losses after management clarification. The stock settled the day at 365.60, down 24 per cent.
"Promoters have not sold or pledged any share of the company. We did notice Vakrangee picked a few shares, but I have no report if it sold them or not. We have no business agreement with Vakrangee, and have nothing to do with the extreme price movement witnessed today," said Balram Garg, MD & CEO, PC Jeweller.
"The fundamentals of PC Jeweller stand as is. We aim at growing 30 per cent in the domestic market," he added.
Meanwhile, stock of Vakrangee is already under pressure and hit its lower circuit for the third straight day in today's session.
The company is under Sebi's lens for alleged price and volume manipulation of its own scrip on stock exchanges.