Arshiya International was locked in lower circuit of 5% at Rs 46.45, its lowest level since March 2009 on BSE, with no buyers on the counter. A combined 42,419 shares have already changed hands on the counter so far and there are pending sell orders for 7.11 million shares on BSE and NSE.
The stock of Mumbai-based logistics major has tanked 62% in past two weeks from Rs 121.70 on January 8, 2013 on reports that the company sacked several top-level employees amid brewing financial troubles.
Meanwhile, the company said that the promoters, executive director and chief financial officer of the company have decided to forego 50% of their remunerations from October 1, 2012.
“The board of directors of the company at its meeting held on January 19, decided to initiate a financial restructuring process under the Corporate Debt Restructuring forum and has appointed SBI Capital Markets to advice the company,” Arshiya International said in a statement.