Tata Coffee tanks 20% on heavy volumes

A combined 639,182 shares representing about 8% of free-float equity of the company have changed hands on the counter till noon deal.

Tata Coffee is locked in lower circuit of 20% at Rs 1,100 on back of heavy volumes on the Bombay Stock Exchange (BSE).

A combined 639,182 shares representing about 8% of free-float equity capital of the company have changed hands on the counter till noon deals against an average less than 50,000 shares that were traded daily in past two weeks. There are pending sell orders for 168,362 shares on BSE and NSE at 1250 hours.

Meanwhile, the stock has tanked 25% in past four trading sessions after the Coffee Board of India said that the country’s coffee exports has declined by 2.85% to 172,480 tonnes so far in the 2013 calender year due to weak global prices.