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.