Parsvnath Developers hits 20% lower circuit

Parsvnath Developers is trading lower by 20% at Rs 58 after the promoters of the company pledged 71% of their holding.

"Parsvnath Developers promoters have pledged 71% of their holdings. At current market price the value of pledged shares is nearly Rs 1200 crore which is roughly half the size of current market cap of the entire company," reports suggest.

The stock witnessed a gap down opening from the previous day's close of Rs 73. A total of 2,08,000 shares have changed hands on the BSE compared to its two week average of 5,03,000 shares.