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What Is Happening With The CG Power Stock?
Shares of CG Power lost as much as 30 percent in value on Wednesday on reporting weak results for the third quarter (Q3) of 2018-19. The Mumbai based Indian multinational company, that was previously known as Crompton Greaves, is a part of the Avantha Group.
The scrip has been experiencing some serious volatility at present as it surged nearly 20 percent in the Thursday morning session.
On Wednesday, it lost as much a third of its value, closing 29.23 percent lower at 23.75 a piece on BSE.
The promoters adjusted loans against royalty dues and wrote off significant amount of receivables at the manufacturer of the power generation and distribution equipment. The combined effect of write offs and provision against receivables resulted in company's net loss of Rs 150.18 crore for the December 2018 quarter.
The company's inability to sell its loss-making operations in Hungary added on to investors' existing concerns that 100 percent of the promoters' holding that has remained pledged with lenders since March 2017.
In the Thursday session, however, the shares was seen rallying by as much as 19.66 percent on NSE to hit a high of Rs 29.20 apiece at around 12 pm. This seems to point out the interest among buyers who may have judged that the slump on Wednesday was excessive.
