Binny lost 2.17% to Rs 180 at 9:50 IST on BSE after the company said its board of directors will meet on 12 June 2014, to consider the proposal for rights issue of shares.
The announcement was made after market hours on Monday, 9 June 2014.
Meanwhile, the S&P BSE Sensex was down 175.02 points or 0.66% at 25,405.19.
On BSE, so far 3,750 shares were traded in the counter as against average daily volume of 5,005 shares in the past two weeks.
The stock surged as much as 5% at its upper circuit level at Rs 193.20 so far in the day, which is also its 52-week high for the counter. The stock lost as much as 4.56% at the day's low of Rs 175.60 so far during the day.
Binny's board of directors at its meeting to be held on 12 June 2014, will also consider the proposal to put up a new wind farm/solar power. The board will also consider the proposal to put up a spinning mill.
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Binny reported a net loss of Rs 7.78 crore in Q4 March 2014 as against net profit of Rs 1.11 crore in Q4 March 2013. Net sales declined 8.6% to Rs 2.23 crore in Q4 March 2014 over Q4 March 2013.
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