Vakrangee drops almost 18%

It actually comes as a surprise to know that the market even had any expectations from Vakrangee earning after all that has happened.

The stock is the top loser on the BSE currently, going down almost 18% to Rs.51.50, not too far from the day’s 20% LC at Rs.50.15.

The company announced its Q1FY19 numbers on Saturday, reporting a 92% (YoY) drop in net profit at Rs.13 crore on a 23% fall in revenue at Rs.1011.50 crore. EBITDA showed a drop of 90% at Rs.25 crore.

And regarding the promoter holding exceeding the prescribed 25% limit as per the Takeover Regulations, SEBI has now directed the company to make a public offer to shareholders of Vakrangee Ltd. SEBI has ordered that along with the consideration amount for the shares acquired via the public offer, 10% interest has to be paid from August 20, 2013 till date of payment of consideration to the shareholders.