Volume Shocker: Glodyne Technoserve
Glodyne Technoserve has locked lower circuit of 5% at Rs 102 on back of huge trading volumes. A combined 4.22 million shares representing 9.3% of total equity have changed hands on the counter so far against an average sub 30,000 shares that were traded daily in past two weeks on the NSE and BSE. There are pending sell orders for 1.66 million shares on both the exchanges.
The stock is continuously frozen at maximum down limit of circuit filter with no buyers available on buzz that the lenders with whom the promoters had pledge shares are liquidating their positions because of margin call pressure.
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The stock has tanked 70% in past one month from Rs 342 on July 25 on the BSE as compared to 6% rise in benchmark Sensex.
“After initial drastic share price fall on 26th and 27th July 2012, subsequently due to which, in last few days it has been observed that some of the promoter shares had been invoked by the lenders with whom the promoters had pledged shares," Glodyne Technoserve said in a filing on August 8.
As on June 30, the promoters of IT consulting and software firm have pledged 81% of their shares as collateral to raise working capital or short term loans.