Arshiya International has tanked almost 20% second day in a row and locked in lower circuit of Rs 77.95 on BSE with no buyers on the counter after the company said that it has removed non-performing employees.
The stock opened at Rs 78.25 and has seen a combined 278,103 shares changing hands on the counter so far. There are pending sell orders for 4.58 million shares on the BSE and NSE.
“Arshiya International has taken a call on rationalizing its employee costs/removing non-performers in the overall interest of the company,” the company said in a regulatory filing.
DNA reported that the Mumbai-based logistics major has sacked several top-level employees since Saturday on shrinking order book caused by a long slowdown in the infrastructure sector.
“There have been some news items in some sections of the Press on January 09, 2013, regarding operations and affairs of the Company which is misleading and not true,” ,” Arshiya International said.
Arshiya International has real assets that it has created in the West and North of India, including Pan-India Rail assets. All of these assets created by the Company are operational and continue to remain operationally strong, it added.
