PC Jeweller’s shares hit a 5% lower circuit on October 1, trading at ₹169.26, after significant selling pressure following a recent stock split announcement. The stock opened at ₹184.70 and reached a 52-week high of ₹187.07 before reversing.
Key Highlights:
- Stock Split Details: The company announced a 1:10 stock split on September 30, 2024, aimed at enhancing liquidity and making shares more affordable for retail investors.
- Share Subdivision: Each fully paid-up equity share with a face value of ₹10 will be split into 10 shares of ₹1 each. The total number of shares will increase from approximately 46.5 crore to 465.4 crore.
- Recent Stock Movement: The stock had earlier hit an upper circuit of 5% for four consecutive sessions, reflecting a strong rally before today’s decline.
This move is expected to bring more liquidity into PC Jeweller’s stock and attract retail investors, but the selling pressure following the split announcement has led to a temporary dip in the stock price.
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