Sunil Hitech Engineers tanks 60% in one month

The stock was down 5% at Rs 167 on BSE, falling 62% in past one-month from Rs 437 on November 25.

Sunil Hitech Engineers was down 5% to Rs 167 on BSE in intra-day trade on back of heavy volumes. The stock is currently trading close to its 52-week low of Rs 155 touched on June 24, 2016.

Till 02:43 pm, a combined 11.70 million equity shares representing 62% of total equity of Sunil Hitech Engineers have changed hands on the NSE and BSE. The trading volumes on the counter jumped more than 10-fold as compared to two-week average.

Sudhamati Ratnakar Gutte, one of the promoters of the company, offloaded her stake through open market transactions. Total holding of Sudhamati Ratnakar Gutte in construction & engineering company declined to 1.19% as on November 2, from 9.68% at the end of September 2016 quarter.

The company said Prafulla Bhat, the individual shareholders, increased his stake in the company to 14.75% till October 30, via open market purchases. As of September, Prafulla Bhat held 2% stake in the company.

In past one-month, the stock tanked 62% from Rs 437 on October 25, after the company announced a withdrawal of record date for sub-division of shares on account of pendency of some regulatory approvals.

The board of directors of Sunil Hitech Engineers had decided the October 28, 2016 to be a record date for the sub-division of each equity share of the company having a face value of Rs 10 each fully paid-up into 10 equity shares of the face value of Re1 each fully paid-up.

Earlier, the stock had a strong run-up and more than doubled in less than two months from Rs 180 in September 1, 2016 against 1% decline on the S&P BSE Sensex during the same period. It touched a 52-week high of Rs 469 in intra-day trade on October 20.