Videocon Industries locked in lower circuit for 20th straight trading day

In past one month, the stock of consumer durable company tanked 79% from Rs 100 to Rs 21.

Shares of Videocon Industries continued to get hammered as no buyers were seen on the counter. The stock hit its lower circuit for the 20th straight trading day, down 5% at Rs 21.10 on the BSE. The stock is trading at its lowest level since November 2003.

Till 01:45 pm; a combined 290,649 shares changed hands and there were pending sell orders for 14.28 million shares on the BSE and NSE.

In the past one month, the stock of consumer durable company tanked 79% from Rs 100, after two lenders Central Bank of India and Dena Bank declared the company’s account as non-performing assets (NPA). Bn comparison, the S&P BSE Sensex was up 2.4% during the same period.

Almost entire promoters’ holding in the company—about 99.26%—was pledged, which has been the case for the past five quarters, the shareholding pattern data shows.

The sharp fall in the market price of the stock have seen investors wealth in Videocon Industries declined by Rs 2,653 crore during the month. At the current market price, Videocon’s market capitalization (market-cap) stands at Rs 706 crore against Rs 3,359 crore on May 19, 2017.

Videocon Industries has slipped to number 830 positions in overall market-cap ranking, from 359 ranked at the beginning of the current calendar year 2017.