Mumbai: Shares of textile and apparel manufacturing company Mandhana Industries Ltd fell over 77% in the last 20 consecutive trading sessions on the back of higher volumes. The stock has been hitting the lower circuit since the last 19 consecutive sessions on its demerging announcement.

The stock was trading at 63.60 on the BSE, down 5% from its previous close, at 2.10pm, while the benchmark Sensex fell 0.26% to 27,868.08 points. The company hit a all-time high of 345 a share on 22 March and since then, it fell 81.56%, and so far this year, it fell 79.34%. Mandhana Industries listed on 19 May 2010, with an offer price of 130 a share.

On Wednesday, IFCI, ECL Finance and Kotak Mahindra International Ltd A/C Premier Investment sold 5 lakh, 15.53 lakh and 2.34 lakh shares, respectively, of the company via a block deal, according to NSE data. The total 24.87 lakh shares were offloaded by these three investors for 17.50 crore.

On 21 June, the company said in a notice to the BSE that it will demerge its retail business into resulting company, Mandhana Retail Ventures Ltd, and all the current and future retail operations of Mandhana Industries will be carried out in the resulting company.

The company also said that Mandhana Retail Ventures is in the process of signing a new contract with Salman Khan’s Being Human Foundation; the specifics of the contract are under negotiation with them.

“The company further wishes to clarify that the retail business of Being Human continues to do extremely well and plans are in place to ensure robust growth in the business, going forward," the BSE notice said.

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