Monnet Ispat tumbles 25% in four sessions

Monnet Ispat & Energy tanked 16.16% to Rs 28.80 at 10:44 IST on BSE, with the stock extending recent slide on media reports that the company has filed for bankruptcy.

Meanwhile, the S&P BSE Sensex was up 152.20 points or 0.49% at 31,208.60. The S&P BSE Small-Cap index rose 17.71 points or 0.11% at 15,684.95.

On the BSE, 3.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 34 and a low of Rs 27.50 so far during the day. The stock had hit a 52-week high of Rs 44.50 on 17 May 2017 and a 52-week low of Rs 19.25 on 9 December 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 21.22% compared with the Sensex's 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 1.01% as against the Sensex's 4.97% rise. The scrip had, however, outperformed the market over the past one year, advancing 45.55% as against the Sensex's 17.08% rise.

The small-cap company has equity capital of Rs 200.77 crore. Face value per share is Rs 10.

Shares of Monnet Ispat & Energy have declined 25.09% in four trading sessions to its ruling market price, from its closing of Rs 38.45 on 13 June 2017 on media reports that the company has filed for bankruptcy.

Meanwhile, Monnet Ispat in a clarification issued to the stock exchanges after market hours on Friday, 16 June 2017 with regard to aforesaid media reports said that it has not filed for bankruptcy. The reference of Monnet Ispat & Energy in the article is with reference to Gupta Coal, which has filed for bankruptcy and also supplied coal to Monnet Ispat & Energy at some point of time, the company said.

Therefore, the provisions of Regulation 30 of Listing Regulations, 2015 do not apply on the company, with respect to the aforesaid news item, Monnet Ispat said.

Monnet Ispat & Energy reported net loss of Rs 459.52 crore in Q4 March 2017, higher than net loss of Rs 438.65 crore in Q4 March 2016. Net sales declined 6.7% to Rs 348.27 crore in Q4 March 2017 over Q4 March 2016.

Monnet Ispat & Energy operates in two segments viz. power and steel.

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