Senco Gold share price recovered partially by afternoon on October 29 after crashing nearly 15 percent intraday. The rebound in share price was witnessed after the company clarified on the news circulating in the social media regarding a raid at the company or its promoter’s premises.
The company in an exchange filing said, "we would like to clarify that the said news/messages are rumours and speculative in nature and we would like to categorically state that the information mentioned is inaccurate as no such event has taken place."
"Any material information requiring disclosures under the applicable regulatory requirements will be promptly disseminated by the Company to the stock exchanges," it added.
The stock of the Leading jewellery chain touched an intraday low of Rs 1,035.6 per share on the NSE, down 14.58 percent from its previous close. The counter was trading at Rs 1,157.80 apiece on the NSE at around 1.20 PM.
Suvankar Sen, MD & CEO of Senco Gold in an interview with CNBC TV-18 see a surge in wedding-related gold purchases this Dhanteras, with many consumers preparing for the busy wedding season from November 2024 through February 2025. Sen explained that a duty cut in August sparked early interest, leading to increased store footfall and the start of wedding season buying.
The jeweller chain is also planning to add 15-20 stores in the current 2024-25 financial year (FY'25), of which around 50 per cent will be franchisee-owned.
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