Pledged shares to be released in few months: S Kumars

Nachiket Kelkar
Moneycontrol.com

S Kumars Nationwide (SKNL), has reiterated that neither its lenders, promoters or long-term investors have sold its shares in recent days. It is also hopeful that the shares pledged with banks will be released in the next few months.

SKNL shares tumbled over 25% during trade on Tuesday amid speculation that some financiers who lent money to company promoters with shares as collateral were selling them to avoid losses from erosion in their value. Around 85% of the promoters' shareholding in SKNL is pledged with banks.

Nitin Kasliwal, SKNL's vice chairman and managing director has denied the market speculation as baseless rumours.

"I request you to disregard (such) speculative rumours