Continuing its downtrend for the second straight session today, shares of VRL Logistics ended the day nearly 13 per cent lower amid worries over its promoters' proposed investment in regional airline venture and its impact on the firm's balance sheet.
After falling sharply by 19.7 per cent to Rs 253 -- its 52-week low -- intra-day on BSE, the stock finally ended at Rs 275.45, down 12.58 per cent.
At NSE, shares of the company tumbled 12.24 per cent to close at Rs 276.20.
On the volume front, 27.39 lakh shares of the company were traded at BSE and over one crore shares changed hands at NSE during the day.
VRL Logistics' promoters said yesterday that the proposed regional airline venture would be a "personal investment" of Rs 1,400 crore and would not impact the firm's balance sheet.
In a release, the company's Chairman Vijay Sankeshwar also emphasised that he would primarily play the role of a financial sponsor for the planned airline business.
The clarification came against the backdrop of shares of VRL Logistics tumbling 18 per cent to close at Rs 315.10 on BSE yesterday.
The company's market valuation fell by Rs 1,079.7 crore to Rs 2,513.30 crore in two days.
"I wish to clarify that the proposed entry into airline business is a personal investment and at no point do we anticipate VRL's balance sheet being used for the venture," Sankeshwar said in a release submitted by the company to the stock exchanges.
