C Mahendra Exports tanks 47% in one week

The stock is locked in lower circuit for third-day in a row, down 10% to Rs 110, also its 52-week low on the BSE.

C Mahendra Exports was locked in lower circuit for third-day in a row, down 10% to Rs 110, also its 52-week low on the Bombay Stock Exchange (BSE), with no buyers seen on the counter.

Till 1025 hours, a combined 6,079 shares have changed hands and there are pending sell orders for 940,384 shares on the BSE and NSE.

In past one week, shares of diamantaire and jewelry firm have tanked 47% from Rs 208 on July 30.

Recently, the company had allotted 567,780 equity shares at Rs 234.95 per share to Bennett Coleman & Co. on preferential allotment basis.

C Mahendra Exports' net profit fell 93% to Rs 0.99 crore on 54% decline in net sales to Rs 361 crore in Q4 March 2014 over Q4 March 2013.

As of June 30, 2014, the promoters held 74.30% stake in the company. Foreign institutional investors and bodies corporate held 12.04% and 11.01% stake respectively. The remaining 2.65% stakes are with the individual shareholders (1.07%) and clearing members (1.37%), data shows.