The mystery of Varun Industries

Varun Industries is an established player in the stainless steelware industry in India.It also has investments in Madagascar in mines & minerals, including uranium, thorium, platinum & gold, gems, rare earths, oil and natural gas, among others

This stock has the dubious distinction of being the worst performing stock of 2012 so far.This stock has been hitting the lower circuit continuously for the last 10 sessions.

The stock has lost around 70% of its value this year.There is no news flow on the company except for the following two factoids:

1.The company informed the Exchange that one of its directors Shri S. Rajagopal has resigned and a new one has been appointed.

2.On 21st-22nd March, 2012 around 20.43 Lakh pledged shares of the promoter (Kiran Mehta) has been invoked.

Its high time the exchanges investigated this matter and solved the mystery for all of us.

One Reply to “The mystery of Varun Industries”

  1. WHAT SEBI IS DOING, ALL POSITIVE NEWS , BUT THE PROMOTERS ARE SELLING AND OTHER SIDE THEY WANT TO BUY IN LOW LEVEL AROUND 20 RS.

    IF IT IS NOT, SO LOWER CIRCUIT NOT OPEN TILL NOW, WHAT IS GOING WITH PROMOTERS ,

    IT IS NOT ANSWER FOR RESIGNATION OF DIRECTORS, IF ANY COMPANY CAN DO THIS TYPE, BUT NO SHARE NOT COME BELOW OF IPO

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