Mandhana Industries was locked at 10% lower circuit at Rs 129.85 at 12:45 IST on BSE, with the stock extending recent steep losses.
Meanwhile, the S&P BSE Sensex was off 1,066.13 points or 3.95% at 25,936.09, slumping along with the carnage witnessed in world financial markets after Britain voted to leave the European Union (EU) results showed Brexit Referendum.
On BSE, so far 1,356 shares were traded in the counter, compared with an average volume of 20,453 shares in the past one quarter. The stock was locked at a low of Rs 129.85 so far during the day, which is also record low for the stock. The stock hit a 52-week high of Rs 345 on 22 March 2016. The stock had underperformed the market over the past one month till 23 June 2016, slumping 54.77% compared with Sensex's 7.02% rise. The scrip had also underperformed the market in past one quarter, declining 50.57% as against Sensex's 6.57% rise.
The stock has slumped 54.1% in six sessions to its current ruling price of Rs 129.85 from its close of Rs 282.95 on 16 June 2016.
The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.
Mandhana Industries had issued a clarification on 21 June 2016 on business operations, demerger of retail business and continuity of Being Human Business. Shares of Mandhana Industries hit 20% lower circuit to settle at Rs 178.05 on that day. Mandhana Industries after receiving several queries with respect to its business operations, demerger of retail business, continuity of Being Human Business and the like in recent days had clarified that there is no disruption to its normal, ongoing business. The company has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated 29 March 2016 and pursuant to the order, the company is in the process of demerging its current retail business into the resulting company, Mandhana Retail Ventures Limited. All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in Mandhana Retail Ventures.
Subsequent to approval to the scheme, Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human-The Salman Khan Foundation, the specifics of which are under negotiation with them. The company further clarified that the retail business of Being Human continues to do extremely well and plans are in place to ensure robust growth in the business, going forward.
Textile company Mandhana Industries is associated with Salman Khan's NGO 'Being Human'. It has an exclusive licence agreement with Being Human - the Salman Khan Foundation - for designing, marketing and distributing Being Human clothing products.
Net profit of Mandhana Industries rose 3.8% to Rs 15.93 crore on 5.9% rise in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015.
Mandhana is a multi divisional textile company spread over multiple geographical locations. The company engages in manufacturing of textiles and garments with state-of-the-art infrastructure. The scope of Mandhana's business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.
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