Religare enterprises locked in 10% upper circuit on heavy volume

Religare Enterprises locked in 10% upper circuit on heavy volume

STOCK MARKET NEWS - Religare Enterprises is locked in upper circuit of 10% at Rs 118.70 on BSE on back of heavy volume in otherwise subdued market.

The trading volume on the counter more than doubled with 2.02 million shares changing hands on NSE and BSE combined. An average 1.11 million shares were traded daily in past two weeks.

The stock of financial services company has rebound 29% from its record low of Rs 92 touched on Wednesday, July 12, 2017 in intraday trade.

In past three months, it tanked 54% to Rs 102 from Rs 220, as compared to 8% rise in the S&P BSE Sensex till July 11.

Religare Enterprises said that the company is not aware of any information/reason which could explain the decline in the share price of the company.

“We would state that Religare Capital Markets, which operates the institutional equities business, has scaled back its business in light of market realities and strategic priorities of the Group,” the company said in a clarification of news report that, Religare Enterprises closing down its institutional equity operations.

Meanwhile, the credit rating agencies have intensified scrutiny of Religare Enterprises following recent disclosures. While one of these agencies has downgraded an instrument of its lending arm, others are reviewing various instruments and bank debt of the group they have rated, in the light of latest developments, the Business Standard reported

ARTICLE SOURCE – BUSINESS STANDARD