Fulford (India) fell 4.69% to Rs 1,510 at 15:20 IST on BSE, extending Tuesday's 5% fall triggered by the company uploading a cautionary statement on its delisting offer on BSE.
Fulford (India) made the announcement before trading hours on Tuesday, 17 June 2014. The stock hit a lower circuit limit of 5% at Rs 1,584.30 on Tuesday, 17 June 2014. It has fallen 9.45% in two trading sessions from Rs 1,667.65 on Monday, 16 June 2014.
Meanwhile, the BSE Sensex was down 325.05 points, or 1.27%, to 25,196.14.
On BSE, so far 9,040 shares were traded in the counter, compared with an average volume of 7,247 shares in the past one quarter.
The stock hit a high of Rs 1,520 and a low of Rs 1,505.10 so far during the day. The stock hit a 52-week high of Rs 1,690 on 17 June 2014. The stock hit a 52-week low of Rs 450 on 1 August 2013.
The stock had outperformed the market over the past one month till 17 June 2014, rising 25.58% compared with 5.80% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 128.96% as against Sensex's 17.02% rise.
The small-cap company has an equity capital of Rs 3.90 crore. Face value per share is Rs 10.
On 25 April 2014, Fulford (India) received a letter from Dashtag, the promoter of the company, expressing intention to make a voluntary delisting offer to the public shareholders of Fulford (India). The indicative price for the delisting was fixed at Rs 1,150 per share.
Dashtag plans to acquire 9.76 lakh shares, representing 25.05% of the paid-up equity share capital of Fulford (India). Promoters owned 74.95% stake in Fulford (India) as on 31 March 2014.
Shares of Fulford (India) surged 143.15% to Rs 1667.65 on Monday, 16 June 2014, from Rs 685.85 on 25 April 2014.
On Monday, 16 June 2014, Fulford (India) received a letter from Dashtag suggesting that the recent spurt in the share price of Fulford (India), post delisting announcement, is not in the view of Dashtag reflective of the business fundamentals of the company.
Dashtag reiterated that the indicative price currently approved by its board for the proposed delisting of Fulford (India) is Rs 1150 per share.
Dashtag also stated that it follows stringent financial discipline in its acquisitions and does not intend to make acquisitions that do not satisfy its financial expectations. Dashtag reminded that the delisting offer will be successful only if its shareholding in Fulford (India) crosses 90% of the total shares outstanding and the discovered price/exit price for doing so is acceptable to Dashtag.
If the delisting offer not be successful, Dashtag may consider other strategic alternatives in relation to its ownership of shares in Fulford (India). Hence, public shareholders are advised to use discretion and caution when trading in shares of Fulford (India), Dashtag said in a statement.
Fulford (India) reported net loss of Rs 1.17 crore in the quarter ended March 2014 as against net loss of Rs 4.05 crore in the quarter ended March 2013. Net sales declined 1.41% to Rs 45.99 crore in the quarter ended March 2014 over the quarter ended March 2013.
Fulford (India) manufactures antibiotics and anti-allergy products.
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