Aksh Optifibre slumped 5.84% to Rs 17.75 at 11:40 IST on BSE after High Court of Rajasthan has admitted a winding up petition against the company, being corporate guarantor, for the alleged/disputed liability of its subsidiary.
The company made announcement after market hours yesterday, 20 October 2015.
Meanwhile, the BSE Sensex was up 124.78 points, or 0.46%, to 27,422.35.
On BSE, so far 10.98 lakh shares were traded in the counter, compared with an average volume of 9.89 lakh shares in the past one quarter.
The stock hit a high of Rs 18.40 and a low of Rs 17.35 so far during the day. The stock hit a 52-week high of Rs 22.25 on 19 August 2015. The stock hit a 52-week low of Rs 12.15 on 3 June 2015.
The stock had outperformed the market over the past one month till 20 October 2015, rising 17.81% compared with 4.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.20% as against Sensex's 3.92% decline.
The small-cap company has an equity capital of Rs 93.28 crore. Face value per share is Rs 5.
Aksh Optifibre said that in consultation with its legal counsels it would take appropriate legal recourse to challenge the order.
Aksh Optifibre's net profit rose 84.4% to Rs 11.10 crore on 26.7% rise in net sales to Rs 93.28 crore in Q1 June 2015 over Q1 June 2014.
Aksh Optifibre is into manufacturing of optical fibre and optical fibre cables (OFC).
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