Arshiya International, C Mahendra Exports tanks on heavy volumes

Arshiya International and C Mahendra Exports have tanked more than 17% each on back of heavy volumes on NSE.

Arshiya International and C Mahendra Exports have tanked more than 17% each on back of heavy volumes.

Arshiya International has locked in locker circuit 20% at Rs 97.35 on the NSE with no buyers on the counter. As many as a combined 5.19 million shares accounting 16% of total free-float of equity have changed hands on the counter so far against around 100,000 shares that were traded daily in past two weeks.

The Mumbai-based logistics major has sacked several top-level employees since Saturday on shrinking order book caused by a long slowdown in the infrastructure sector, DNA newspaper report suggests.

C Mahendra Exports too, dipped 18% to Rs 73.75 on back of over ten-fold jump in trading volumes. The stock opened at Rs 89.30 and hit a low of Rs 71.70 on the NSE. A combined 1.55 million shares have changed hands on the counter so far on both the exchanges.

The board of directors of the company will meet on January 15, to consider the allotment of convertible share warrant to Bennett Coleman & Co. on preferential basis.