With this fall, the stock has given up all the gains that it had across last Friday (September 5), and this Monday (September 8). The stock had gained 11% last Friday and another 5.5% this Monday. Since then, the stock has been on a losing streak.
Shares have also declined on very heavy volumes. Close to 4 crore shares, worth over ₹1,800 crore have already changed hands, compared to their 20-day average of 50 lakh shares at this time of the day.
GMDC shares have been outperformers over the last one month, as despite this fall, the stock is still up 17% over the last month and 51% on a year-to-date basis.
No recent announcement has been made by the company on the exchanges, which could have triggered such a fall.
Close to 2.2 lakh retail shareholders, or those with an authorised share capital of up to ₹2 lakh, have nearly 17% stake in the company. Promoters hold 74%, while institutional holding is negligible.
Shares of GMDC are currently trading 4% lower on Thursday at ₹502, having made an intraday low of ₹489.4.
