Vakrangee is on a free fall. The stock has tanked a whopping 62 per cent in the last nine days, and would have shed even more had it not been for its lower circuit that have been revised from 20 per cent to 5 per cent now. 

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The clarification from the management on Monday did little to support the stock price, which fell from Rs 505 on January 25 to Rs 192 today on the BSE. The stock, however, is still up about 29 per cent from its 52-week low of Rs 149, hit a year ago on February 9, 2017.  

"Vakrangee would like to highlight that we have not received any communication either from stock exchanges or SEBI. The rumours of involvement of Company in price and volume manipulation are completely baseless and factually incorrect," informed Vakrangee to exchanges.

(Vakrangee one-month chart)

(Source: BSE)

“We are extremely confident of our business model and continue to grow steadily. We are well on track to achieve our Vision 2020 target of 75,000 Vakrangee Kendra outlets by 2020 with $2 Billion of revenue and covering each postal code of India," the filing added. 

Incorporated in 1990, Vakrangee is a technology-driven company focused on building last-mile retail outlets to deliver real-time banking, insurance, e-governance, e-commerce and logistics services to the unserved & underserved rural, semi-urban and urban markets. 

The stock of the company is a multibagger and even after a sustained downtrend for last nine sessions, its five-year return adds up to nearly 500 per cent.