Mandhana Industries hits six-year low

The stock is currently trading at its lowest level since October 2010 and fallen 42% in past three trading sessions.

Mandhana Industries is locked in lower circuit for third trading sessions, down 10% at Rs 160 on the BSE, with no buyers  seen in the counter. The stock is currently trading at its lowest level since October 2010.

Till 11:06 AM, a combined 25,742 shares changed hands and there were pending sell orders for 1.16 million shares on the BSE and NSE.

In past three trading sessions, the stock tanked 42% from Rs 278 on June 17, 2016, as compared to 0.74% rise in the S&P BSE Sensex.

IDBI Trusteeship Services on Wednesday announced that Mandhana Industries has pledged an additional 1.86 million equity shares representing 5.62% of total equity of the company on June 21, 2016.

“Pledge of equity shares of Mandhana Industries with IDBI Trusteeship Services Limited acting as debenture trustee for the benefit of debenture holders for debentures issued by Mahan Synthetic Textiles Private Limited,” IDBI Trusteeship Services said in a BSE filing.

Pledge of shares is as security for the debentures issued by Mahan Synthetic Textiles Private Limited for benefit of debenture holders, it added.

With this total 8.02 million equity shares or 24.20% of total capital of Mandhana Industries have pledged with IDBI Trusteeship Services.

Meanwhile, clarifications and updates to investors' queries, the company on Tuesday, June 21, 2016 said, “it has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated March 29, 2016. Pursuant to the said order, the company is in the process of demerging its current retail business into the Resulting Company, Mandhana Retail Ventures Limited (MRVL). All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in the Resulting Company.”

Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human – The Salman Khan Foundation, the specifics of which are under negotiation with them, it added.