Vakrangee falls over 10% from record high on heavy volumes

The stock hit an intra-day low of Rs 257, fell 11% from its record high of Rs 288 touched in early morning trade on the NSE

Vakrangee has dipped 9.5% to Rs 257 on the National Stock Exchange (NSE) in intra-day trade on back of heavy volumes. The stock has fallen 11% from its record high of Rs 288 touched in early morning trade.

At 09:30 am; around 9.99 million equity shares (1.89% stake) of Vakrangee have changed hands on the NSE via three block deals, the exchange data shows. LINK

The name of the buyers and sellers were not ascertained immediately.

In last month on November 10, Credit Suisse (Singapore) had bought 3.83 million shares of the company at Rs 252 per share. Earlier, on September 20, the foreign investor had purchased 4.42 million shares at Rs 227 per share.

On both the occasions, Newtree Trading Company Private Limited had sold 4.4 million shares each via bulk deal on the NSE, the data shows. LINK

In past four-months, the stock outperformed the market by surging 60% against 3.5% decline in the Nifty50 index till Monday.

Vakrangee is the unique technology driven company focused on building India's largest network of last-mile retail touch points called “Vakrangee Kendra” to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved rural, semi-urban and urban markets.

It has signed “Common BC” and “National BC” agreements with various public sector banks for offering real-time banking to unserved and underserved rurban population.

At 10:14 am; the stock was trading 5% lower at Rs 270 on the NSE, as compared to 0.15% rise in the Nifty50 index. A combined 18.21 million equity shares representing 3.4% of total equity of the company have changed hands on the NSE and BSE.