PC Jeweller share price tanks 68% in 9 days; big block deal reported

PC Jeweller share price on Thursday slipped below its crucial psychological level of Rs 100, extending losses for the ninth straight session. The stock recovered some lost ground after a huge block deal of about Rs 17 lakh shares took place in late morning deals.   

In a fresh development, one of the investors Fidelity Magellan Fund sold nearly 2.5 per cent stake in PC Jeweller last week. "Fidelity managed funds have sold 46,88,466 shares (~1.19 per cent stake) on April 27, 2018 taking the total holding to 7.04 per cent. Fidelity sold its shares in open market," said PC Jeweller in a filing to BSE.

According to an earlier filing to BSE, Fidelity’s holding as on April 20, 2018, in the company was 9.6 per cent compared to 7 per cent currently, indicating a total disposal of Rs 1 crore shares. 

The stock plunged 14 per cent to hit its 52-week low of Rs 95.05 in today's trade. It has fallen as much as 68 per cent in the last nine days. From its 52-week high of Rs 600.65 hit on January 16, 2018, the stock is down nearly 82 per cent. 

Earlier this week, PC Jeweller announced that a meeting of the board of directors of the company will be held on May 25, 2018, to consider the proposal for buy back of fully paid-up equity shares of the company.

The board members will also consider and approve the audited standalone and consolidated financial results for the quarter/financial year ended March 31, 2018.

"Recommendation of dividend on preference shares for the period from April 01, 2017 to September 01, 2017, and recommendation of dividend, if any, on equity shares for the financial year 2017-18 will also be considered by the board members," informed the jewellery maker in a regulatory filing. 

Meanwhile, the traders are stuck with PC Jeweller as the company has entered the F&O ban period on National Stock Exchange.