Shankar Sharma loses Rs 92,00,000 in just 1 from this multibagger IT-telecom stock after Board announces a 1:2 bonus share

On Thursday, shares of Valiant Communications Ltd hit a 5 per cent lower circuit to Rs 874.50 per share from its previous closing of Rs 920.50 per share. The shares of the company saw a spurt in volume by more than 1.50 times on the BSE. An ace investor, Shankar Sharma, loses Rs 92,00,000 in just 1 from this multibagger IT-telecom stock (2,00,000 shares x Rs 46 per share down today)

Valiant Communications Limited has approved a proposal to issue bonus shares to its shareholders in a 1:2 ratio, meaning one new fully paid-up equity share of Rs 10 for every two existing shares. The company plans to issue 3,814,030 new shares, increasing its total share capital from Rs 7,62,80,600 to Rs 11,44,20,900. These bonus shares will be issued by capitalising Rs 3,81,40,300 from the company's reserves, including the Capital Redemption Reserve, Securities Premium, and Retained Earnings. The company will announce the record date for eligible members in due course.

Valiant Communications is a manufacturer of a comprehensive range of IT and OT products and solutions which are used to provide end-to-end communication, transmission, protection, synchronisation, data storage, and cyber-security to Government organisations, Utilities, Defence and the Transport sectors. VCL is an approved manufacturer to various reference customers across the globe, with a track record of successful installations of its communications, transmission, protection, synchronisation and cyber-security solutions in more than 110 countries.

The company has a market cap of Rs 667 crore and the order book stands at Rs 8,000+ lakh. The stock gave multibagger returns of 172 per cent from its 52-week low of Rs 322.05 per share and a whopping 2,150 per cent in 5 years.

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Disclaimer: The article is for informational purposes only and not investment advice.