The Vakrangee stock hit a high of Rs 502 on January 24th but has taken a massive beating since then with a 50 percent fall and is now trading at Rs 263. This has resulted in a market cap loss off Rs 27,000 crore.
In an interview to CNBC-TV18, Dinesh Nandwana, MD & CEO of Vakrangee spoke about the latest happenings in the company.
Nandwana said that rumours of involvement of company in price manipulation are completely baseless.
He further said that we haven’t received any communication from Sebi or exchanges.
We had a soft pilot project with PC Jeweller. However, didn't continue with them. We did not have a formal agreement with PC Jeweller, he mentioned.
We made direct equity investment in PC Jeweller as part of treasury investment policy, he said.
We will be selling stake in PC Jeweller by end of this quarter, he added.Watch accompanying video for more details.