NEW DELHI: Shares of PC Jeweller dropped nearly 10 per cent in Monday's trade tracking the company's fourth quarter results that were announced post market hours on Friday.The stock fell 9.97 per cent to hit a low of Rs 173.25 on BSE, before recovering some ground.
At 10.15 am, the stock was down 5.9 per cent at Rs 180.80.Net profit for the jewellery maker rose 7.48 per cent to Rs 118.28 for the March quarter compared with Rs 110.05 crore in the corresponding quarter last year.Sales for the quarter declined 2.42 per cent to Rs 2,103.22 crore compared with Rs 2,155.43 crore in the year-ago quarter.PCJ is engaged in the business of manufacture and sale of gold jewellery, diamond studded jewellery and silver articles of various designs or specifications.
Once a darling of foreign investors on Dalal Street, of late it has witnessed a rollercoaster ride on one or the other rumours, ever since a company promoter gifted some shares to some undisclosed relatives.
Allegations about the PCJ's undisclosed business relations with Vakrangee, a company market regulator Sebi has been probing for alleged price and volume manipulation in its stock, have left investors jittery.