Mumbai: The share price of CORE Education and Technologies Ltd almost halved on Wednesday to a four-year low for reasons that remain unclear.
The stock on Monday shed as much as 62.4% to Rs.110.95 on BSE. It gained 0.81% on Tuesday but fell 46.1% to Rs.60.30 on Wednesday. The scrip has declined 81% since the beginning of the year and is 87% off its 52-week high of Rs.345 seen on 26 September.
Promoters held 46.5% stake in the company on 31 December—30.45% by Wisdom Global Enterprises Ltd and the rest by CORE Infrapower Ltd. Of the total promoter stake, 46.5% has been pledged.
The company has not sold shares pledged with institutions, a spokesperson said in a statement.
“While the company confirms that there has been a large volume movement in the stock, the move was part of the regular churn of the portfolio of the investor and had nothing to do with the business fundamentals of the company,” the statement said.
CORE Education did not respond to emailed questions despite repeated phone calls.
The stock is no stranger to volatility. It has fallen at least 10% on 41 occasions since 2005, and slumped over 40% on five.
The market regulator has ordered an investigation into the crash of mid-cap stock on Monday, Securities and Exchange Board of India chairman U.K Sinha said on Tuesday.
A massive sell-off was seen on Monday around noon in shares of over a dozen companies. Some of the affected shares managed to recover lost ground in afternoon trade on the same day.
PTI contributed to this story