Shares of PC Jeweller today made a smart recovery to cut short an eight-day falling streak, surging nearly 10 per cent on emergence of value buying.
The stock soared 9.76 per cent to end at Rs 121.45 on BSE. During the day, the stock tumbled 14 per cent to Rs 95.05.
At NSE, shares of the company surged 9.76 per cent to close at Rs 121.45.
In last eight trading sessions, the stock plunged nearly 63 per cent, wiping-out Rs 7,364.46 crore from its market valuation.
BSE had sought clarification from the company earlier in the day with reference to news reports that CBI arrests owner of PC Jeweller.
Later, in a clarification issued to BSE the company said, "We would like to clarify that the news item is factually incorrect."
The company makes timely disclosures of all the events, information that have a bearing on the operation, performance of the company which include price sensitive information etc. Further we wish to clarify that presently the company is not having any such information, which requires disclosures as aforesaid, it said.
"We do not find any justification or reason behind decrease in price of equity shares of the company today," it said.
"We would like to assure our investors, shareholders and other stakeholders that there is nothing wrong with the company and its operations, the fundamentals of the company remain strong and it continues to move ahead on growth path," the filing added.
Meanwhile, Fidelity managed funds have further sold their stake in the company through open market transaction.
In a filing to BSE today, the company said that FMR LLC, a fund managed by Fidelity International, on April 30, sold over 1.3 crore shares of PC Jeweller through open market transaction.
Before the disposal, Fidelity managed funds had 2.77 crore shares in the company equivalent to 7.04 per cent stake.
In a filing to BSE yesterday, the company said that FMR LLC on Friday sold nearly 47 lakh shares of PC Jeweller through open market transaction.
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