Varun Inds halves in 15 days on buzz of margin call trigger

Varun Industries is down 20%. The stock is down 40% in the last two trading sessions. The stock is locked at lower circuit for the second consecutive day on buzz that margin calls have forced brokers to offload the stock.

As per latest shareholding pattern, the promoters of the company have pledged close to 67 lakh shares representing 23% of the total equity.

Today, the stock touched a 52-week low of Rs 126.65. At 13:19 hrs the share was quoting at Rs 126.65, down Rs 31.60, or 19.97%. There were pending sell orders of 1,420,778 shares, with no buyers available.

Varun Industries is India's leading Steelware Exporter & a highly proactive multi-dimensional global conglomerate with business interests that include steelware, Agri products, oil and natural gas, wind energy, uranium, gold mining, gems and jewellery, etc.

Varun Industries through it two operating companies Varun International SARL and Madagascar Energy Corporation were awarded Uranium mining permits  for the blocks