PC Jeweller slumps 35.25% in four sessions

PC Jeweller slumped 24.12% to Rs 365 at 14:36 IST on BSE, with the stock extending recent strong losses.

The stock has slumped 35.25% in four sessions to its ruling price, from a close of Rs 563.75 on 29 January 2018.

Meanwhile, the S&P BSE Sensex was down 758.17 points or 2.11% at 35,145.46.

High volumes were witnessed on the counter. On the BSE, 1.33 crore shares were traded on the counter so far as against the average daily volumes of 2.87 lakh shares in the past one quarter. The stock had hit a high of Rs 474.10 and a low of Rs 195.10 so far during the day. The stock had hit a record high of Rs 600.65 on 16 January 2018. The stock had hit a 52-week low of Rs 176.65 on 15 February 2017.

PC Jeweller issued clarification during market hours today, 2 February 2018, that it is not aware of reason of sudden decrease in price of shares today, 2 February 2018. The company continues to witness very good footfalls and sales in the current quarter as well, it added. None of the promoters diluted their stake in the company and none of their shares are pledged as collateral with any institution, it added.

The company said that fundamentals of the company remain strong. The company is moving ahead as per the laid down business plans of opening new stores and working on launching new collections.

PC Jeweller's net profit rose 52.1% to Rs 162.71 crore on 25.6% rise in net sales to Rs 2644.89 crore in Q3 December 2017 over Q3 December 2016.

PC Jeweller is one of the leading jewellery companies in India in the organized jewellery retail sector.

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