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PC Jeweller turned volatile by surging 29% to Rs 471 on BSE in early morning trade on Monday in otherwise weak market. The stock of jewellery Company zoomed 141% from its Friday’s intra-day low of Rs 195. At 09:42 AM; the stock was trading 16% higher at Rs 423 on BSE on back of heavy volumes.
On comparision, the S&P BSE Sensex was down 0.89% at 34,755 points. As many as a combined 22.25 million shares changed hands on the counter in first half-an-hour of trading on BSE and NSE. Shares of PC Jeweller came under heavy selling pressure on Friday, crashing nearly 60% 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 Company is not aware of reason of sudden decrease in price of equity share of the Company today. However, we would like to assure our investors, shareholders, etc. that the fundamentals of the Company remain strong,” PC Jeweller said on a clarification with reference to decrease in price. We affirm that none of our promoters has diluted its stake in the Company and none of their shares are pledged as collateral with any institution, it added. Meanwhile, Vakrangee locked in lower circuit for the fourth straight trading sessions, down 10% at Rs 237 on BSE. The stock tanked 53% in past six trading days from Rs 505 on January 25, 2018.