Markets saw increased volatility, as the BJP seemed to be losing in key seats in the recently held bye-elections. Markets largely discounted the news, with the Sensex trading 155 points higher on strong global cues. Here are a few stocks that were seeing increased volatility in trade.
The stock was locked at the lower end of the circuit filter at Rs 223.15, down 10 per cent for the day. The auditors of the company resigned recently, which prompted a massive sell-off in the stock.
Shares in ICICI Bank dipped by almost 2 per cent in trade, but, recovered a little. ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against the CEO Chanda Kochhar.
The stock was last trading 1 per cent lower at Rs 282.
Shares in Dilip Buildcon plunged 16 per cent, after baseless roumours of resignation of statutory auditors. The company in a release to the exchanges flatly denied the same.
"We understand that there are unconfirmed rumors in the market relating to the resignation of our Statutory Auditors of the Company.
The Company wishes to clarify that the Company has already declared Audited Financial Results for the Financial Year 2017-18 on May 30, 2018 and M/s Mukund M. Chitale & Co., Chartered Accountants, Mumbai and M/s MSG & Associates, Chartered Accountant, Bhopal, Joint Statutory Auditors of the Company have issued the Auditors' Report for the Financial year ended March 31, 2018 with unqualified opinion in respect of the Standalone and Consolidated Financial Results, the copies of which has already been submitted to the Stock Exchanges.
We therefore wish to confirm that there is no truth in the matter and the rumors are baseless. We further attach the confirmation received from our Joint Statutory Auditors regarding continuing as Statutory Auditors of the Company," a release said.
Shares in ONGC gained after quarterly numbers, as brokers initiated a "buy" on the stock. Shares of the government owned exploration company jumped as much as 3 per cent.
Revenue at the company was up 4 percent at Rs 23,970 crore versus Rs 22,996 crore (quarter-on-quarter).
Net profits at the company was up 18 percent at Rs 5,915 crore versus Rs 5,015 crore (QoQ).