PC Jeweller share price: Shares of India's third-largest jewellery maker by turnover and nation's second-largest jewellery company by market capitalisation PC Jeweller crashed about 24% to nearly a 40-month low in the afternoon deals on Wednesday followed by a ban on future and options today.
PC Jeweller share price: Shares of India’s third-largest jewellery maker by turnover and nation’s second-largest jewellery company by market capitalisation PC Jeweller crashed about 24% to nearly a 40-month low in the afternoon deals on Wednesday followed by a ban on future and options today. Shares of PC Jeweller have been continuously falling for the last eight days steering the company to lose a considerable chunk of the market capitalisation. Meanwhile, exchanges have put the futures and options of PC Jeweller in the ban on Wednesday, 2 May 2018 as derivative contracts in the shares of PC Jeweller has crossed 95% of the market-wide position limit.
Stock at 40-month low
The stock of PC Jeweller crumbled as much as 24.07% to nearly a 40-month low of Rs 110.1 on BSE while the stock crashed 23.88% to a 40-month low of Rs 110 on NSE. Shares of PC Jeweller were at a low of Rs 105.7 (share price is adjusted with corporate action) on 12 January 2015 on NSE. Shares of PC Jeweller have been in a free-fall mode since last 8 days.
8-day, Rs 7,000 crore gone!
Over the course of last 8 days, shares of PC Jeweller have dropped 63% to Rs 110.1 from a share price level of Rs 297.4 as on 19 April 2018. Following the massive downturn in the share prices, PC Jeweller has lost Rs 7,383 crore in the market capitalisation. As per the 40-month low share price of Rs 110.1, PC Jeweller held a market capitalisation of Rs 4,340 crore as against a market capitalisation of Rs 11,723 crore.
On the trading counters, highly unusual volumes were witnessed since the last four days. Even today only, up until 2 pm, more than 11.73 equity shares exchanged hands on both NSE and BSE with about 10.88 crore equity shares on NSE alone.
Earlier last week on 29 April, PC Jeweller informed that the board will consider financial results for the quarter and the financial year ended 31 March 2018 on 25 May 2018 along with recommending a dividend on preference shares for the period from 1 April 2017 to 1 September 2017 and a dividend (if any) on equity shares for the financial year 2017-2018. Further, PC Jeweller said that the board will also consider a proposal of buyback of fully paid-up equity shares.
PC Jeweller on 27 April 2018 said in a reply to a clarification sought by exchanges that “we wish to clarify that presently the company is not having any such information, which requires disclosure as aforesaid. We do not find any justification or reason behind sudden decrease in price of equity shares of the company in recent past. However, we would like to once again assure our investors, shareholders and other stakeholders etc. that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans.”