The PC Jeweller stock fell up to 12% in early trade today and was the top loser on BSE. At 10:27 am, the stock was trading 10.58% or 16.55 points lower at 139.50 level. The stock is down 69.47% since the beginning of this year. It has lost 44.54% during the last one year. The stock has been losing for the last three days and has fallen 19.07% during the period. The stock hit its 52-week low of 95.05 on May 3, 2018 falling for the last eight sessions on a series of negative news about the company.
FMR LLC, a fund managed by Fidelity International on April 30, sold over 1.3 crore shares of PC Jeweller through open market transaction.
Before the disposal, Fidelity managed funds had 2.77 crore shares in the company equivalent to 7.04 per cent stake. The company said FMR LLC sold nearly 47 lakh shares of PC Jeweller through open market transaction taking the two day stake sale to nearly 1.77 crore shares.
The PC Jeweller stock has been on slippery grounds on withholding of information on a business relationship with e-governance service provider Vakrangee and on reports that its promoter Padam Chand Gupta gifted some his stake to family members via off -market transactions.
The firm announced its Q4 earnings on May 25, 2018. It posted a 7.47 per cent jump in its standalone net profit at Rs 118.28 crore for the quarter ended March 2018.
The company had clocked a net profit of Rs 110.05 crore in the same period of the previous fiscal, according to a regulatory filing.
Net income declined to Rs 2,114.50 crore during January-March quarter of 2017-18 fiscal from Rs 2,208.91 crore in the year-ago period.
Expenses, however, remained slightly lower at Rs 1,979.91 crore as against Rs 2,057.37 crore in the said period.
PC Jeweller is engaged in the business of manufacture, retail and export of jewellery. The firm offers a range of products including 100% hallmarked gold jewellery, certified diamond jewellery and other jewellery, including silver articles, with a focus on diamond jewellery and jewellery for weddings. Established in 2005, PC Jeweller is the second-largest listed jewellery retailer in India.