Vakrangee locks in lower circuit; PCJ surges 28 per cent
Tech company Vakrangee nosedived by over 53 per cent on the bourses in the past six days from January 25, 2018. The company plunged on the back of rumours that the company manipulated its stock price and volume. However, the company firmly denied any such allegations and called the rumours baseless and factually incorrect.
Vakrangee had purchased 2 million shares of PC Jeweller for Rs. 112 crore through an open market transaction on January 25, 2018, using its treasury fund of over Rs. 1,500 crore. Following the development, PC Jeweller also recorded a drop of over 60 per cent in Friday’s trade as investors speculated about the company’s business relations with Vakrangee.
PC Jeweller surged by over 140 per cent on Monday against its Friday’s intraday low of Rs. 195 per share, as the company denied of any relationship with Vakrangee. Meanwhile, Vakrangee got locked in lower circuit for the fourth trading session on February 5, 2018.
Vakrangee stood at Rs. 237 per share, lower by 10 per cent in Monday ’s intraday trade. Meanwhile, PC Jeweller recorded a hike of nearly 29 per cent to Rs. 470.80 per share on BSE. At 11:47 hours IST, PC Jeweller was trading at Rs. 414.05 per share, higher by 13.79 per cent on BSE on Monday.