PC Jeweller Share Slump 28% In Last Two Trading Sessions; Stock Hits 52-Week Low

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    The stock in two trading sessions has gone down by a huge 28% with no clear reasons for the downfall. In today's trading session the stock has hit a 52-week low of Rs. 208 on the NSE. As per the NSE data, the stock last recorded a high of Rs. 601 on January 16, 2018.

    PC Jeweller Share Slump 28% In Last Two Trading Sessions; Stock Hits 52-Week Low
     

    While on the BSE, the stock is reportedly 48% down on a year to date basis.

    On the sudden decrease in the price of its shares, the company said, "The Company would further like to assure its investors, shareholders and other stakeholders that the fundamentals of the Company remain strong and it continues to move ahead on the growth path". Also it pressed on the fact that the reasons for the sharp fall in its stock price are not known to the company.

    In a BSE filing the company said, "None of the promoters of the Company have sold any shares in the market. However, one of the promoters, Shri Padam Chand Gupta has gifted some of his shares to his family member(s) through off-market transactions and the Company is already making the requisite disclosures in this regard from time to time".

    In the aftermath of rumours associated with Vakrangee, the stock of PC Jewellers on February 2, 2018, tanked by as much as 60% but later recovered after management's clarification.

    Analyst and experts advice selling the stock instead buy in some other stock like Titan from the sector. Also, the stock is seen as a trading stock which should be traded in with strict stop loss.

    Goodreturns.in

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