Gitanjali Gems lost 7.97% at Rs 68.75 at 15:02 IST on BSE, with the stock declining on profit booking after recent surge.
Meanwhile, the S&P BSE Sensex was down 97.70 points or 0.46% at 21,095.88
On BSE, so far 13.48 lakh shares were traded in the counter as against average daily volume of 3.78 lakh shares in the past one quarter.
The stock saw immense intraday volatility. The stock rose as much as 5.08% at the day's high of Rs 78.50 so far during the day. The stock lost as much as 7.96% at the day's low of Rs 68.75 so far during the day. The stock had hit a 52-week low of Rs 48.10 on 20 December 2013. The stock had hit a record high of Rs 649.50 on 23 April 2013.
The stock had outperformed the market over the past one month till 27 December 2013, rising 42.83% compared with the Sensex's 3.79% rise. The scrip also outperformed the market in past one quarter, surging 37.95% as against Sensex's 7.43% rise.
The small-cap company has equity capital of Rs 92.06 crore. Face value per share is Rs 10.
Shares of Gitanjali Gems were on a roll recently, surging 53.07% in four trading days to Rs 74.70 on 27 December 2013 from a recent low of Rs 48.80 on 20 December 2013.
Meanwhile, in a clarification to the recent spurt in share price, Gitanjali Gems during market hours today, 30 December 2013 said that stock prices of the company are governed through market forces and investor's sentiments. The company do not have any control on the same and hence it's difficult to pin down a specific reason for the same.
We further wish to affirm that the company has been regularly disseminating all disclosures, periodic as well as events based, in line with the requirement under various clauses of Listing Agreement, Gitanjali Gems said in a statement.
We wish to reiterate that the fundamentals of the company are strong and with a view to combat the crises and uncertainties caused due to regulatory changes in gold policy, we have realigned our business model by introducing more value added diamond and gemstone products in out existing product line. We are also venturing in other categories eg. apparel. We are reducing focal point from plain gold jewellery with more thrust on diamond and gemstone jewellery products in domestic market with increased focus on exports as well as retail expansion in the major international markets, the company added.
Gitanjali Gems' consolidated net profit dropped 73.6% to Rs 40.57 crore on 23.5% fall in net sales to Rs 3003.70 crore in Q2 September 2013 over Q2 September 2012.
Gitanjali Gems is an integrated gems and jewellery (G&J) player with operations spanning across the entire G&J value chain. The company's business encompasses activities like rough diamond sourcing, cutting, polishing and distribution, jewellery manufacturing, jewellery branding and retailing.
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