PC Jeweller spikes 29% after a steep fall in previous session
PC Jeweller spikes 29% after a steep fall in previous session
Shares of PC Jeweller recovered nearly 29 per cent on Monday after the management of the company clarified the promoters have neither sold nor pledged any shares with any institution.
The stock gained as much as 28.77 per cent to Rs 470.80 on the BSE.
The scrip had settled 24 per cent down on Friday after tanking over 60 per cent in intraday trade, following rumours IT firm Vakrangee had offloaded some shares of the company in the open market.
"We affirm that none of our promoters has diluted stake in the company and none of their shares are pledged as collateral with any institution," said PC Jeweller in a clarification to exchanges.
"We are moving ahead as per our laid down business plans of opening new stores and working on launching new collections. The company continues to witness very good footfalls and sales in the ongoing quarter," it added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.