Everonn breaks lower circuit jinx; gains 15% from day's low

Moneycontrol Bureau

Everonn Education gained 7% at Rs 269.50 on the National Stock Exchange in early morning trade despite a spate of negative news pouring in from the company.

The company stock touched a 52-week low of Rs 227.80, a level the company last saw in May 2009. It was trading with volumes of 1,100,614 shares. In the previous trading session, the share closed down 9.99% at Rs 253.10.

Since last week, Everonn has come under scanner of the government for wrong reasons when its managing director P Kishore was sent to jail by the CBI for allegedly bribing an I-T official to conceal taxable income. After this incident Everonn stock had fallen 42% in the last few sessions

Not a long time ago, Everonn was considered a bluechip of the education sector. But now it is trading at its historic lows. Everonn after falling by 20%, a level the company last saw in May 2009.

Everonn is planning a rejig of the top management. Sources say Nikhil Gandhi, chairman of SKIL Infrastructure who joined as a co-promoter last year will become the chairman of Everonn.  Read This: Nikhil Gandhi may take over as chairman of Everonn: Sources

P Kishore who is currently behind bars is likely to be dropped from any management positions.

Experts say if Everonn does not give utmost importance to corporate governance practices immediately, it will end up as a missed opportunity for the once successful company.

Share Price Movement During The Last 12 Months
Period	Price	Latest Price	Gain/Loss (Rs.)	% Gain/Loss
3-Days	351.45	259.30	-92.15	-26.22
5-Days	441.00	259.30	-181.70	-41.20
7-Days	439.30	259.30	-180.00	-40.97
15-Days	433.65	259.30	-174.35	-40.21
1-Month	512.40	259.30	-253.10	-49.40
3-Month	555.35	259.30	-296.05	-53.31
6-Month	563.10	259.30	-303.80	-53.95
9-Month	627.15	259.30	-367.85	-58.65
1-Year	612.65	259.30	-353.35	-57.68