Religare Enterprises downfall continues; stock tanks 63% in one month

The stock hit a new low of Rs 38.15, down 5% on back of heavy volumes.

Religare Enterprises hit a new low of Rs 38.15, down 5% on the National Stock Exchange (NSE) on Thursday, extending its past one month fall, on the back of heavy volumes.

Since August 7, the stock tanked 63% from Rs 103.50, as compared to 2% decline in the Nifty 50 index. In the past three months, it plunged as much as 80% from Rs 188 against 1% rise in the benchmark index.

The trading volumes on the counter nearly doubled with a combined 4.76 million shares exchanging hands on NSE and BSE till 01:29 PM.

On Wednesday, September 6, 2017, YES Bank had sold 955,000 shares of Religare Enterprises at Rs 40.23 through open market, the NSE bulk deal data shows.

Earlier, on Monday, September 4, Housing Development Finance Corporation sold 1.14 million shares of the company at Rs 44.71 per share, data shows. CLICK HERE FOR BULK DEAL DATA

According to disclosure made by Religare Enterprises on August 30, total promoters holding of the company declined to 42.09% due to off-market sale and invocation of pledge between August 2 and August 28.

IDBI Trusteeship Services on September 1 said that 2.2 million shares constituting 1.22% of paid up capital of Religare Enterprises was invoked as per directions of Debenture Holders and balance 29.65 million shares constituting 16.62% of paid up capital are under pledges as of date of this disclosure.