As per the report, the experts are of the view that shares of jewelry-maker PC Jeweller have recovered most of its losses after nosediving about 555 in the early morning trades on Friday.
However, the fundamentals of the firm are strong according to experts.
In the beginning of this year, it was observed on 12 January, that Vakrangee owned about 50% stake in PC Jeweller. It purchased around 20 lakh shares at price of Rs 561.71 per equity share.
However, shares of Vakrangee are on a continuous falling trend since 25 January 2018. Over a 5-day period, the stock of Vakrangee had tumbled about 48% from 25 January to 2 February.
On the other side, the Chief Financial Officer, Sanjeev Bhatia stated that the company remains very strong on fundamentals and our expansion plans are on track as planned. He also declared that the company is holding no business agreement with Vakrangee and none of our promoters have sold any stake in the firm.
The shares of PC Jeweller have fallen heavily, posting a massive single-day slump of 60%. On BSE, PC Jeweller shares worn-out as much as 59.66% to a day’s low of Rs 195.1 while the stock tanked 55% to the day low of Rs 217.95.
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