Bombay Rayon tumbles after securing board nod for CDR

Bombay Rayon Fashions slumped 7.99% to Rs 203.25 at 14:46 IST on BSE after the company's board of directors approved the proposal of corporate debt restructuring.

Meanwhile, the BSE Sensex was up 13.90 points, or 0.07%, to 20,163.75

On BSE, 1.37 lakh shares were traded in the counter. The scrip had an average daily volume of 54,751 shares in the past one quarter.

The stock hit a high of Rs 219 and a low of Rs 185.05 so far during the day. The stock had a 52-week high of Rs 278.90 on 27 September 2012 and a 52-week low of Rs 185.25 on 5 June 2013.

The small-cap scrip had underperformed the market over the past one month till 19 July 2013, rising 3.9% compared with the Sensex's 4.7% rise. The scrip had also underperformed the market in past one quarter, falling 11.09% as against Sensex's 5.96% gain.

The company has equity capital of Rs 134.60 crore. Face value per share is Rs 10.

Bombay Rayon Fashions after market hours on Friday, 19 July 2013 said the company's board of directors has considered/ approved the proposal of corporate debt restructuring (CDR). No other details were provided.

Bombay Rayon Fashions' net profit rose 16.6% to Rs 48.36 crore on 12.5% growth in net sales to Rs 895.55 crore in Q4 March 2013 over Q4 March 2012.

The company is engaged in manufacturing textiles consisting of fabrics and garments.

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