Geometric fell 2.64% to Rs 117.85 at 11:45 IST on BSE after the company clarified that it is not planning to sell its stake to any private equity firm.
The company made the clarification during trading hours today, 24 March 2014.
Meanwhile, the BSE Sensex was up 239.46 points, or 1.10%, to 21,994.78.
On BSE, so far 1.27 lakh shares were traded in the counter, compared with an average volume of 1.91 lakh shares in the past one quarter.
The stock hit a high of Rs 122.90 and a low of Rs 117.55 so far during the day. The stock hit a 52-week high of Rs 129.90 on 21 March 2014. The stock hit a 52-week low of Rs 61.40 on 2 August 2013.
The stock had outperformed the market over the past one month till 22 March 2014, rising 11.93% compared with the Sensex's 5.09% rise. The scrip had also outperformed the market in past one quarter, rising 28.30% as against Sensex's 3.20% rise.
The small-cap company has an equity capital of Rs 12.70 crore. Face value per share is Rs 2.
Geometric clarified that has not entered into any discussion with any private equity (PE) firm or any other entity to change or modify its equity structure. The company added that it is not its policy to comment on market rumors or speculation.
Last week, a media reports suggested that private equity players are eyeing Godrej group stake in Geometric.
In promoter group category, Godrej group companies holds a little over 31% in Geometric while Parpia family has 7.31% stake in the company as of 31 December 2013.
On a consolidated basis, Geometric's net profit fell 55% to Rs 7.53 crore on 4% decline in net sales to Rs 275.28 crore in Q3 December 2013 over Q2 September 2013.
Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
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