UPDATE: When we left off, a cloud of uncertainty surrounded Vakrangee. Its auditor had resigned, its share price had tanked almost 83% from its January peak following an endless loop of lower circuits, and institutional investors were either keeping their distance or heading for the exits. Things were decidedly grim for the company. A lot has happened since.
After oscillating between the lower and upper circuits for a while, Vakrangee’s stock saw a high of Rs 68 ($0.97)/share on 7 August after the circuit filter was revised from 5% to 20%. Five days later, on 12 August, Vakrangee announced its dismal first quarter results for the financial year—compared to the same quarter last year, net profit declined 92% to Rs 13 crore (~$1.8 million), and revenues fell 22.6% to Rs 1,011.5 crore (~$144.4 million).