GMM Pfaudler freezes at 5% upper circuit after declining 42% in 2 weeks

The stock was locked in the 5 per cent upper circuit at Rs 3,821, rebounding 11 per cent from its intra-day low of Rs 3,458 on the BSE

Shares of GMM Pfaudler were locked in the 5 per cent upper circuit band at Rs 3,821 on the BSE on Tuesday, rebounding 11 per cent from its early morning low of Rs 3,458 a piece. The stock reversed its recent correction when it fell over 40 per cent in the past two weeks.

The stock of the company which manufactures glass-lined equipment for the pharmaceutical and chemical industries, has fallen below its offer-for-sale (OFS) price of Rs 3,500 per share. In the past two weeks, the stock has corrected 42 per cent after GMM Pfaudler announced that promoters plan