Varun Ind hits 52-wk low as promoters pledge over 50% stake

Varun Industries has frozen lower circuit of 20% at Rs 127 on second consecutive days, after the company said its promoters have pledged more than 50% of their stake in past one week.

“Shri Kiran N Mehta (9.47 million) and Shri Kailash S Agarwal (1.69 million) have pledged combined 11.17 million, representing 59% of the total promoters holding (18.9 million shares) on March 9, and on March 12," the houseware maker said in a filing to the stock exchanges.

A combined 76,877 shares have changed hands on the counter so far and there are pending sell orders for 3.43 million shares on the NSE and BSE.