Kwality is the top loser on the BSE currently. The stock has hit the 5% LC at Rs.28.50 with only sellers on the counter.
On the 7th of June, the company had announced that its Board will meet on the 20th of June for consideration of buyback of shares and/or Bonus issue and for recommendation of interim dividend.
And yesterday after market hours, the company has informed that due to non-availability of majority Directors, the Board meeting is being rescheduled for July 03, 2018.
Currently, the air is rife with suspicion and any news like this, raises the antenna and people scramble, fearing another corporate governance issue. Thus the selling on the counter of Kwality and till the meeting actually happens on the 3rd of July, the wariness will not go.