The share price of One 97 Communications Ltd slumped 3.59 per cent to Rs 524.40 at the BSE on Wednesday. This is nearly 75 per cent down from its issue price of Rs 2150 per share.
“The exchange has sought clarification from One 97 Communications on March 22, 2022 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded,” BSE, formerly known as Bombay Stock Exchange, said in a statement.
The market capitalisation of One 97 Communications stood at Rs 1,39,432.7 crore at issue price of Rs 2150. It has now plunged to Rs 35,273.23 crore. In just four months the company’s market capitalisation has been eroded by Rs 1.04 lakh crore.
In a reply to the clarification sought by the stock exchange, One 97 Communications said, “We would like to inform you that our Company has been complying with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and have, from time to time, made all necessary disclosures to the Stock Exchanges within stipulated timeline.”
“Further, as on date, there is no information/ announcement, which in our opinion may have a bearing on the price/volume behaviour in the scrip of the Company and which is yet not disclosed to the Stock Exchanges,” Amit Khera, Company Secretary & Compliance Officer, One 97 Communications, said in the letter.
“The Company would also like to point out the business fundamentals remain robust as demonstrated in our last earning release dated February 04, 2022,” he said.
“We would like to reiterate that the Company is committed to comply with the Listing Regulations and any information/ announcement, likely to have bearing on the price/ volume of the shares of the Company would be disclosed, from time to time, to the Stock Exchanges within stipulated timeline,” Khera added in the letter.