Mandhana Industries shares hit lower circuit for 8th day in a row

By: | Updated: June 29, 2016 3:59 PM

Mandhana Industries shares hit lower circuit for the eighth consecutive trading session on Wednesday.

nse nifty bse sensex mandhana inustriesMandhana Industries shares hit lower circuit for the eighth consecutive trading session on Wednesday. (Photo: PTI)

Mandhana Industries shares hit lower circuit for the eighth consecutive trading session on Wednesday. In the previous 9 trading sessions, shares of the company tumbled 60 per cent to Rs 111.40 on June 29 from Rs 282.95 on June 16. Market capitalisation of the company plunged from Rs 937.24 crore to Rs 369 crore during the same period.

The company is in the process of demerging its current retail business into the resulting company, Mandhana Retail Ventures Limited. All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in the resulting Company.

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In the latest announcement on BSE, Mandhana Industries on June 14 informed BSE that CARE has revised its ratings for non-convertible debentures, long term and short term banking facilities and it stands at BBB+, CARE A3 and CARE BBB+, respectively.

The company on June 11 informed BSE that Biharilal C Mandhana, executive director of the company has ceased to be director of the company with effect from June 10, 2016, on account of his ailing health.

For the quarter ended March 31, 2016, the company reported a net profit of Rs 15.94 crore, up 3.87 per cent, against Rs 15.34 per cent in the corresponding quarter a year ago.

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