PC Jeweller shares continue to fall; down by 25%
Extending its downtrend for the 6th straight session, shares of PC Jeweller crashed 25 per cent , with the company saying that it finds "no justification or reason" for the fall.
The stock nosedived 24.94 per cent to end the session at Rs 177.90 on BSE. Intra-day, it plunged 33.75 per cent to Rs 157 -- its 52-week low. On NSE, it slumped 24.94 per cent to settle at Rs 177.80. The stock has been falling since April 19, tumbling 40.18 per cent in all these days.
The company's market valuation has eroded by Rs 4,712.42 crore to Rs 7,015.58 crore. The BSE, after close of market hours today, sought clarification from PC Jeweller with reference to decrease in the stock price.
PC Jeweller said: "We would like to clarify that we make timely disclosures of all the events, information that have a bearing on the operation/performance of the company which include price sensitive information." It said: "Further, we wish to clarify that presently the company is not having any such information, which requires disclosures as aforesaid. We do not find any justification or reason behind sudden decrease in price of equity shares of the company in recent past." The company said it would however like to "once again assure our investors, shareholders and other stakeholders" that the fundamentals of the company remain strong and it continues to move ahead as per its plans.
"We want to confirm that there is no change in the management control and growth strategy of the company and also there is no change in the company's operating effectiveness," it said. "We also confirm that none of the promoters of the company have pledged any of their shareholdings," the filing added.