Hanung Toys & Textiles was locked at 5% upper circuit at Rs 15.67 at 11:48 IST on BSE after the company said its board of directors at a meeting held on Tuesday, 3 September 2013, decided to withdraw its proposal of a 2-for-1 stock split.
The announcement was made after market hours on Tuesday, 3 September 2013.
Meanwhile, the S&P BSE Sensex was up 306.41 points or 1.68% at 18,541.07.
On BSE, 6.30 lakh shares were traded in the counter as against average daily volume of 1.12 lakh shares in the past one quarter.
The stock hit a low of Rs 15 so far during the day. The stock had hit a record low of Rs 12.35 on 30 August 2013. The stock had hit a 52-week high of Rs 179.55 on 8 January 2013.
The stock had underperformed the market over the past one month till 3 September 2013, sliding 50.32% compared with the Sensex's 4.85% fall. The scrip had also underperformed the market in past one quarter, declining 86.12% as against Sensex's 7.02% fall.
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The small-cap company has equity capital of Rs 26.58 crore. Face value per share is Rs 10.
Hanung Toys & Textiles said that its board has decided to withdraw stock-split proposal as the company's stock price has fallen steeply. The purpose of sub-division was to make the company's share more affordable for the small retail investors to invest in the company.
Hanung Toys & Textiles reported a net loss of Rs 77.68 crore in Q1 June 2013, as against net profit of Rs 26.82 crore in Q1 June 2012. Net sales declined 15.3% to Rs 319.12 crore in Q1 June 2013 over Q1 June 2012.
Hanung Toys & Textiles operates in two segments -- toys and textiles.
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