Mumbai, May 25 (PTI) Continuing its downtrend for the second straight session today, shares of VRL Logistics plunged nearly 20 per cent amid worries over its promoters' proposed investment in regional airline venture and its impact on the firm's balance sheet.
The stock nosedived 19.7 per cent to Rs 253, its 52-week low level, on BSE. On NSE, it tanked 20 per cent to hit one-year low of Rs 251.80.
VRL Logistics' promoters said yesterday that the proposed regional airline venture would be a "personal investment" of Rs 1,400 crore and would not impact the firm's balance sheet.
In a release, the company's Chairman Vijay Sankeshwar also emphasised that he would primarily play the role of a financial sponsor for the planned airline business.
The clarification came against the backdrop of shares of VRL Logistics tumbling 18 per cent to close at Rs 315.10 on the BSE yesterday.
"I wish to clarify that the proposed entry into airline business is a personal investment and at no point do we anticipate VRL's balance sheet being used for the venture," Sankeshwar said in a release submitted by the company to the stock exchanges.