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Religare Enterprises locked in 10% upper circuit on heavy volume

In past three months, it tanked 54%, as compared to 8% rise in the S&P BSE Sensex till Wednesday

SI Reporter  |  Mumbai 


is locked in upper circuit of 10% at Rs 118.70 on BSE on back of heavy volume in otherwise subdued market.

The trading volume on the counter more than doubled with 2.02 million shares changing hands on NSE and BSE combined. An average 1.11 million shares were traded daily in past two weeks.

The stock of financial services company has rebound 29% from its record low of Rs 92 touched on Wednesday, July 12, 2017 in intra-day trade.

In past three months, it tanked 54% to Rs 102 from Rs 220, as compared to 8% rise in the S&P BSE Sensex till July 11.

said that the company is not aware of any information/reason which could explain the decline in the share price of the company.

“We would state that Religare Capital Markets, which operates the institutional equities business, has scaled back its business in light of market realities and strategic priorities of the Group,” the company said in a clarification of report that, closing down its

Meanwhile, the credit rating agencies have intensified scrutiny of following recent disclosures. While one of these agencies has downgraded an instrument of its lending arm, others are reviewing various instruments and bank debt of the group they have rated, in the light of latest developments, the Business Standard reported. CLICK HERE TO READ FULL REPORT.

First Published: Fri, July 14 2017. 13:04 IST