Vakrangee tanks 20% for second day; Investors lose Rs 226 billion in 4 days

In the past four trading days, the market value of Vakrangee tanked 42% as compared to 0.36% rise in the S&P BSE Sensex.

Vakrangee is locked in lower circuit for the second straight day, down 20% at Rs 292 on BSE with no buyers seen on the counter. The stock is trading at its lowest level since November 9, 2017.

Till 09:59 AM; a combined 8.56 million shares changed on BSE and NSE. There were pending sell orders for 3.4 million shares on both the exchanges, data shows.

In the past four trading days, the market value of Vakrangee has tanked 42% as compared to 0.36% rise in the S&P BSE Sensex.

Investors lose Rs 226 billion after a sharp fall in stock price during the period. The market capitalisation (market-cap) of Vakrangee declined from Rs 535 billion to Rs 309 billion in past four days. The company had market-cap of Rs 145 billion as on December 30, 2016.

In the past two years, the stock has had a good run and gained a huge 677% - from Rs 65 on January 23, 2015 to Rs 505 on January 25, 2018. By comparison, the benchmark index gained 23% during the same period.

According to media reports, Vakrangee has come under Securities Exchange Board of India’s (SEBI) investigation for alleged price and volume manipulation of its own scrip at BSE and the National Stock Exchange (NSE). READ THE REPORT HERE