Glodyne Technoserve has hit the lower circuit of 5% at Rs 178, extending its fall since the past five trading sessions on the BSE. A combined around 5,662 shares have changed hands on the counter so far and there are pending sell order for 1.33 million shares on the BSE and NSE.
The stock currently trading at its lowest level since July 2009, and has slipped 48% in past six trading days on reports that investors are liquidating their positions because of margin call pressures. The promoters of the company had pledged 84% of their shares as on March 31, 2012. Goldyne has not so far disclosed the latest shareholding pattern as on June 30, 2012.
Meanwhile, the company earlier decided to hold an Annual General Body Meeting (AGM) on July 24, 2012, which was postponed to August/September, 2012, due to certain unforeseeable reasons.
However, in a clarification, the company said that the AGM was postponed due to non-availability of two UK-based independent directors in view of their attendance at the London Olympics and the pending approval of the term lenders for the dividend declaration.