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Videocon, Shilpi Cable down 5% after surging 100% in less than a month

Videocon Industries rallied 105%, while Shilpi Cable surged 190% from their respective 52-week lows.

SI Reporter  |  Mumbai 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

Shares of and were locked in lower circuit of 5% at Rs 30.40 and Rs 52.40, respectively on the BSE, after appreciating more than 100% from their respective 52-week lows.

hit a high of Rs 33.50 in early morning trade on Friday, rallied 105% from its 52-week low of Rs 16.35 touched on June 27, 2017 in intra-day trade.

The trading volumes on the counter more than five-folded with a combined 13.08 million shares exchanging hands on NSE and BSE. There were pending sell orders for 1.1 million shares on both the exchanges till 12:21 pm.

Between May 19, and June 23, in 26 trading days, the stock of consumer durables Company had tanked 83% from Rs 100 to Rs 17, after two public sector banks classified Videocon’s loan as non-performing assets (NPA).

According to disclosure made by the Videocon Industries, the promoters’ shareholding in the company has also come down with lenders invoking pledged shares.

has too seen hit market value more than doubled from its 52-week low price of Rs 20 hit on June 16, in intra-day trade. The stock hit intra-day high of Rs 57.90 today, zoomed 190% in less than one month.

Earlier, in 34 trading days, between April 26 and June 14, the stock tanked 90% from Rs 206 to Rs 21 after an overseas bank had filed a petition against Shilpi Cable before the National Company Law Tribunal (NCLT).

“The petition has been filed under Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016 by an overseas bank. The company is taking appropriate legal recourse in this matter,” the company said in a filing on April 30.

On May 25, the company said the Corporate Insolvency Resolution Process has been initiated in respect on an application filed by Macquarie Bank, an operation creditor.

The trading volumes on the counter surged multiple-fold with a combined 70.58 million shares changed hands so far. There were pending sell orders for 1.12 million shares on both the exchanges.

COMPANY PRICE (Rs) CHG(%) VOLUME
SHILPI CABLE 52.40 -4.99 1862324
VIDEOCON INDS. 30.40 -4.85 3291341

First Published: Fri, July 14 2017. 12:26 IST
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