Quick Heal Technologies surges on heavy volumes

The stock surged 10% to Rs 245 on the BSE on back of heavy volumes.

Quick Heal Technologies has surged 10% to Rs 245 on the BSE amid heavy volumes after the company said that the First Class Judicial Magistrate (JMFC) observed that there was nothing on the record to show the accused Manohar Malani ever held any shares of the company.

The observations based on perusal of records as well as the submissions made by the accused, according to order passed by JMFC on 12th April, 2016, after hearing Asst. Public Prosecutor for the state, advocate Nimbalkar who appeared for the accused as well as the accused in person, Quick Heal Technologies said in a statement.

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Considering the complex issues involved and for further progress in the investigation, presence of the accused with Investigation Office is necessary and accordingly police custody of the accused has been extended till 16th April 2016, it added.

Pune-based software security company Quick Heal filed a first information report (FIR) with the Shivaji Nagar Police Station, Pune, on 23rd February 2016 against Manohar Malani, CEO and MD of NCS Computech Limited, Kolkata, and others for cheating, forgery and criminal intimidation under various sections of the Indian Penal Code.

Post listing, the stock was continued under pressure fallen more than 40% against its initial public offer price of Rs 321 per share. It touched a low of Rs 180 on February 29 during intra-day trade.

At 01:04 pm, the stock was up 9% to Rs 241 on the BSE as compared to 0.57% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.95 million shares changed hands on the BSE and NSE so far.