Orbit MD invokes pledged shares

Shares of the company tanked over 18% yesterday on buzz that a lender to the company has sold a portion of pledged shares

Pujit Aggarwal, the promoter and managing director of Mumbai-based realty developer Orbit Corporation, has invoked 249,569 shares pledged with the lender IFCI on May 28, the company said in a statement to exchanges.

The shares of the company tanked over 18% yesterday on the buzz that a lender to the company has sold a portion of pledged shares in the market. Today, the shares recovered by 8% and were trading at Rs 17 at 11.30 am. Agarwal holds about 22% stake in the company.

About 86.98% of promoter stake was pledged with the lenders.