INSUBCONTINENT EXCLUSIVE:
Authors: JordanPC Jeweller (PCJ), at the centre of a controversy over disclosure norms, tumbled over 10 per cent early on Wednesday.
The
Its m-cap tumbled to Rs 3,817 crore (around 9.25 am) on May 3, from Rs 23,138.80 crore on January 17.
The share buyback announcement even
The company on Sunday told bourses that the board will meet on May 25 to consider the buyback proposal and dividend, if any, for
funds lowered their stake by 2.54 per cent in PC Jeweller last week and Garg sees major weakness in the stock because of further selling by
After the sale of little over a crore of shares by Fidelity last week, it held 7.04 per cent stake
ET could not immediately ascertain whether Fidelity had sold off its stake completely in PC Jeweller.
Meanwhile, stock exchanges have placed
a ban on futures and options of the jeweller as its derivative contracts have crossed 95 per cent of the market-wide position limit.
The
stock has been in a decline as promoter Padam Chand Gupta gifted some of his shares to family members through off-market transactions
The company is making requisite disclosures in this regard from time to time, PCJ said in a recent statement.
Yogesh Mehta of Motilal Oswal
We are also trying to gauge what is the situation in getting the core reasons for the fall
So far, nothing much from the management side and let's see if it is external reasons
But if it is on a fundamental ground, then we need to have a very close watch on that
might have held back information on a business relationship with e-governance service provider Vakrangee, which was reportedly being probed
by market regulator Sebi for possible stock manipulation
The Rs 13,000-crore scam involving businessman Nirav Modi and Mehul Choksi-led Gitanjali Group too proved to be a major headwind for
But PCJ does not have any international transactions in diamonds
It procures its diamonds from local markets on cash basis
