After rising over 3,100 percent between January 2008 and January 2018, shares of this technology company tumbled 92 percent since then.
The stock price of Vakrangee Ltd rose from around Rs 16 in January 2008 to its record high of Rs 515 in January 2018, surging 3,119 percent in ten years. However, post its stunning rise, the stock shed as much as 92 percent from its all-time high to Rs 42 currently.
The stock came under pressure in early 2018 after auditing firm Price Waterhouse quit the audit mandate of the technology firm and raised concerns to the corporate affairs ministry about its books of accounts mainly related to its bullion and jewellry business, even as the company denied any irregularities.
The company also came under the scanner of the Securities Exchange Board of India (Sebi) for alleged stock manipulation issues.
The stock hit its 52-week low of Rs 22.75 on August 23, 2019, shedding 95.5 percent from its all-time high of Rs 515 hit on January 24, 2018. However, the stock later recovered a bit, rising 23 percent in the last year after it was given a clean chit in November 2018 by Sebi as well as the Economic Offences Wing.
The company, later in January 2019, said the government did not find any irregularity in its books.
In a regulatory filing, the company said the ministry of corporate affairs (MCA) has not found any irregularity regarding the resignation of its auditors, abnormal trading of the company stock and consequent action taken by the stock exchanges and the shareholding structure, among other issues.
However, the company added that there have been a few observations in preliminary findings which suggested that such as amount planned for corporate social responsibility (CSR) activities remained unspent.
Among the notable investors in the company, LIC held a 6.22 percent stake in Vakrangee as of June 30, while foreign portfolio investors held a 13.89 percent stake.
Vakrangee is a technology company based in Mumbai, that provides banking, insurance, e-governance, e-commerce, and logistics services.