IVRCL plunges on heavy volumes

The stock has underperformed the market by falling 27% in past one-week compared to a marginal 0.24% gain in benchmark Nifty.

IVRCL has plunged almost 14% to Rs 30.95, also its 52-week low, on back of heavy volumes in late trades on the National Stock Exchange (NSE).

As many as a combined 25.53 million shares have already changed hands on the counter till 1446 hours against an average 13.3 million shares that were traded daily in past two weeks. The stock opened at Rs 35.80 and hit a high of Rs 36.55 so far.

The stock of company engaged in construction and engineering business is continuously under pressure, underperforming the market by falling 27% in past one-week compared to a marginal 0.24% gain in benchmark Nifty.

On Thursday, January 24, BNP Paribas Arbitrage and Merrill Lynch Capital markets had sold collectively 3.91 million shares of the company at average price of Rs 35.7 per share through bulk deals, the NSE data show.