Jalco group owned stocks reeling on selling pressure

The stocks in which the Jalco group has substantial ownership were reeling on selling pressure after SEBI order indicting the group on manipulating the share price of GHCL Ltd. Jalco group is said to have substantial stake in stocks including GHCL, REI Agro, Genus Overseas, GTC Industries, Stone India, Bhartiya International.

After the order GHCL and REI Agro were locked at the lower circuit level of 10% and 20% respectively on Thursday with huge orders pending for sale.

On Friday, GHCL Ltd went to hit the lower circuit level of 10%. In NSE, the stock had pending sell order of 1946647 shares at Rs.149. In BSE, the stock had pending order of 1,109,294 shares at Rs.148.65.

REI Agro Ltd hit the lower level of 20% circuit limit on Thursday and opened again at the lower circuit on Friday. The stock hit the lower circuit leve of 20% at Rs.132.20 and remained there till afternoon. Currently, the stock was trading at Rs.147.70, down by Rs.17.55 or 10.62%. The stock had huge volume of 2332259 shares at an average price of Rs.134.04 resulting in a turnover of Rs.3126.16 Lakhs. In BSE, the stock was trading at Rs.145.70 with volume of 1,528,769.

Genus Overseas Electronics Limited was struck at the lower circuit level of 10% at Rs.228.25. In NSE, there were pending sell order of 183742 shares at Rs.228.25. In BSE, there were pending sell order of 192,021 shares at Rs.228.50.

Source : Equity Bulls

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