Vakrangee plummets 10 % post block deals

E-governance specialising technology company, Vakrangee has tanked more than 10 per cent intra-day from its 52-week high of Rs 288 touched in the morning session, to drop massively on account of heavy volumes.

Vakrangee's shares declined more than 10 per cent to hit an intra-day low of Rs 256.65 on NSE. The decline was post three huge block deals within the space of five minutes, wherein around 9.99 million equity shares (1.89 per cent stake) of Vakrangee have changed hands on the NSE block deals, the exchange data shows.

In two previous occasions too when big block deals took place it was Newtree Trading Company Private Limited which was the seller in both instances. The Stock has been hogging all the limelight as it has been a pure play on government’s ambitious digital India theme, with its products and services offering technology driven solutions via last mile retail touch points.

Company’s stock has been a rank out performer in the last quarter or so as it has generated returns of close to 30 per cent aptly supported by its financial performance.

At the time of writing this report stock was trading at Rs 266.25, down 6.25 per cent on NSE.