Timbor Home drops as NSE to suspend trading in equity shares

Timbor Home was locked in 5% lower circuit at Rs 2.56 at 11:51 IST on BSE, after the National Stock Exchange notified that equity shares of the company will be suspended from trading with effect from 29 October 2015.

Meanwhile, the BSE Sensex was up 230.91 points, or 0.85%, to 27,518.57

On BSE, so far 200 shares were traded in the counter, compared with an average volume of 12,702 shares in the past one quarter.

The stock opened with a downward gap, declining by the maximum 5% daily circuit and remained locked at the 5% level at Rs 2.56 so far during the day, which is also record low for the counter. The stock had hit a 52-week high of Rs 7.58 on 1 December 2014.

The stock had underperformed the market over the past one month till 21 October 2015, falling 33.08% compared with Sensex's 4.18% rise. The scrip had also underperformed the market in past one quarter, sliding 55.9% as against Sensex's 3.17% fall.

The small-cap firm has an equity capital of Rs 14.76 crore. Face value per share is Rs 10.

Trading in equity shares of Timbor Home will be suspended from trading with effect from 29 October 2015 pursuant to order dated 29 June 2015 passed in Company Petition No. 293 of 2013 by the High Court of Gujarat and the Official Liquidator attached to the High Court has been appointed as the Provisional Liquidator thereof, a circular issued by National Stock Exchange (NSE) after market hours on Wednesday, 21 October 2015 said. As per order the Official Liquidator has to take over the charge of the assets and properties, book of accounts, records and all movables and immovable of the company, as per the NSE circular. The circular shall be effective from 29 October 2015, NSE said.

Timbor Home reported net loss of Rs 2.27 crore in Q3 December 2014, lower than net loss of Rs 3.60 crore in Q3 December 2013. Total income dropped 98.9% to Rs 0.11 crore in Q3 December 2014 over Q3 December 2013.

Timbor Home is a furniture manufacturing and retailing firm.

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