J Kumar Infra hits two-year low on heavy volumes

Thus far in 2016, the stock plunged 69% from Rs 373 to Rs 117, against 8% rise in the Nifty 50 index.

Shares of construction & engineering company J. Kumar Infraprojects dipped 17% to Rs 117 on the National Stock Exchange (NSE) in intra-day trade on Tuesday, on back of heavy volumes.

The trading volumes on the counter more than doubled with a combined 1.01 million equity shares changed hands on the NSE and BSE till 11:55 am.

The stock has fallen 32% in past two trading sessions from Rs 171 on Friday, August 11, 2016. It is currently trading at its lowest level since May 21, 2014. Thus far in 2016, the stock plunged 69% from Rs 373 against 8% rise in the Nifty 50 index.

On August 8, J Kumar Infraprojects had informed the BSE that, promoter Mr. Jagdishkumar M Gupta, executive chairman of the company pledged 2.5 million equity shares of Rs 5 each to Union Bank of India, Mumbai, for the sanction of performance letter of guarantee.

With this the total shares of the equity shares pledged by promoter Mr. Jagdishkumar M Gupta are 6.5 million shares constituting 8.59% of issued capital, it added.

Earlier, on August 5, the promoters - Jagdishkumar M Gupta, Nalin J Gupta and Kamal J Gupta – had collectively acquired 100,000 shares of J Kumar Infraprojects through open market.