Kwality down for third straight day; plunges 34% in three days

The stock hit a fresh 32-month low of Rs 54.35, tanked 34% in past three trading sessions from Rs 82.15 on March 26, 2018.

Shares of Kwality were down for the third straight trading day, falling 10% at Rs 54.35 per share, also its fresh 32-month low on the BSE on back of heavy volumes. In past three sessions, the stock of packaged foods company has plunged 34% from Rs 82.15 on Monday, March 26, 2018.

The trading volumes on the counter jumped more than three-fold with a combined 17.34 million shares representing 7% of total equity changed hands on the BSE and NSE. There were pending sell orders for 1.01 million shares on both the exchanges.

Kwality informed the stock exchanges that the company has received a communication from one of our Director and investor that a Registered Broker (F6 Finserve Private Limited) located at 206, 2nd Floor, Sewa Corporate Park, MG Road, Heritage City, Sector 25, Gurugram, Haryana -122022, offloaded fraudulently some shares of Kwality in the market.

We have been informed by the Investor that the above mentioned broker is not traceable and absconding. Investor is in the process of initiating legal proceedings and police complaint against them, it added.