Moneycontrol
Last Updated : Oct 16, 2018 01:32 PM IST | Source: Moneycontrol.com

8K Miles Software hits lower circuit, recovers after CEO clears the air

Venkatachari also clarified that 8K Miles India has not approved any loan to 8K Media

Moneycontrol News @moneycontrolcom

Shares of 8K Miles Software Services plunged 5 percent hitting the lower circuit in the opening trade before bouncing back to trade higher.

The stock climbed as CEO Suresh Venkatachari clarified that his signature was forged to illegally transfer some shares of the company.

Venkatachari told CNBC-TV18 that he had not sold a single share of the company.

In the process, it hit a 52-week low of Rs 117.9 on BSE, down 5 percent from the previous close.

The company said on October 12 that it will initiate legal action against Quantum Global Securities Ltd and Kumar Share Brokers Ltd for illegal transfer of promoter shares worth 8.42 percent equity of the company.

Venkatachari also clarified that 8K Miles India has not approved any loan to 8K Media.

At 09:59 hours 8K Miles Software Services was quoting at Rs 125.1, up about a percent from the previous close.
First Published on Oct 16, 2018 10:04 am
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