Bliss GVS Pharma, Videocon Ind, Shilpi Cable hit lower circuit

Videocon Industries and Shilpi Cable hit fresh 52-week lows.

Bliss GVS Pharma, Videocon Industries, Hubtown and Shilpi Cable hit their respective lower circuits on the BSE, with no buyers seen on these counters.

Bliss GVS Pharma tanked 20% to Rs 161, its maximum lowest limit of the day on BSE, on the back of heavy volumes. The stock hit a 52-week high of Rs 203 in early morning trade.
 

Till 11:35 am; a combined 811,607 shares exchanged hands on the counter, while there were pending sell orders for 1.01 million shares on the BSE and NSE.

In the past one year, the stock of pharmaceutical company more than doubled from Rs 90 to Rs 201 on Monday. In comparison, the S&P BSE Sensex was up 17% during the period.

Videocon Industries got locked in lower circuit for the 11th straight trading sessions, down 5% at Rs 33.25, also its fresh 52-week low on BSE.

Since May 19, the stock of consumer durables plunged 67% from Rs 100, after public sector lender Dena Bank declared its loans as non-performing assets (NPAs).

Dena Bank on May 23 said that it had classified Videocon’s loan amounting of Rs 520 crore as NPAs.

“This has resulted into some negative publicity of the company and, accordingly, impacted the stock price”, Videocon Industries said in a clarification on news report that the stock fallen due to loan repayment worries.

We believe that the recent crash on the stock price of the company would be due to the said classification of Videocon’s loan as NPA by Dena Bank, it added.

Shilpi Cable Technologies too trading at its fresh 52-week low of Rs 28.50, locked at lower circuit for the 30th straight trading days. It tanked 86% from Rs 206 on April 25.

On April 30, the company informed the stock exchanges that 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.