PC Jeweller tanks 60% intraday, recovers post management clarification

Shares of PC Jeweller tanked nearly 60 per cent on the BSE following rumours, Vakrangee, which purchased roughly half a percent stake in the company on January 25, 2018, sold some of shares in treasury market. 

The stock hit an intraday low of Rs 195.10, down 59.7 points on the BSE, but recovered after management clarification. 

At 12:17 pm, the stock was trading at Rs 402.15, down 16 per cent on the BSE. 

"Promoters have not sold or pledged any share of the company. We did notice Vakrangee picked a few shares, but I have no report if it sold them or not. We have no business agreement with Vakrangee, and have nothing to do with the extreme price movement witnessed today," said Balram Garg, MD & CEO, PC Jeweller.

"The fundamentals of PC Jeweller stand as is. We aim at growing 30 per cent in the domestic market," he added. 

Stock of Vakrangee is already under pressure and hit its lower circuit for the third straight day in today's session.

The company is under Sebi's lens for alleged price and volume manipulation of its own scrip on stock exchanges.