Kwality hits 32-month low; stock tanks 27% in two days

The stock continued under pressure for the second day in a row, down 20% at Rs 60.35, trading at its lowest level since July 6, 2015.

Shares of dairy firm Kwality continued to be under pressure for the second day in a row, falling to 32-month low of Rs 60.35, down 20% on BSE. The stock is trading at its lowest level since July 6, 2015.

In past two trading sessions the market value of Kwality shares tanked 27% from Rs 82.15 on Monday, March 26, 2018, despite the company clarifying that there is no strategically significant development within the organisation and business. On Tuesday, the stock slipped 20% to Rs 65.65 in intra-day trade, settled 8% lower at Rs 75.40 on the BSE.

“Also in recent there is no such event which is not reported by the Company to the stock exchanges. The Company is continued to deliver sustainable value to its shareholders at all time,” Kwality said with reference to Tuesday’s fall in company's shares.

The stock plunged 64% from its 52-week high level of Rs 169 recorded on April 20, 2017. It touched an all-time high of Rs 215 on October 12, 2011 on the BSE.

The pledged holding of the promoters stood at Rs 5,685 million, shows the data available with BSE.

Kwality is engaged in processing, manufacturing and trading of milk, milk products and dairy products.