Religare Enterprises breaches upper circuit for third consecutive trade session

Religare Enterprises breached its upper circuit for the third consecutive trading session on Wednesday. The stock hit an intraday high of Rs. 60.25 per share and an intraday low of Rs. 53 per share on BSE. The stock also recorded a spurt in volume by over 1.97 times against its average volume.
 
The financial product and service provider had posted a narrowed loss of Rs. 31 crore in the second quarter of FY18 as against a loss of Rs. 39.54 crore in the previous quarter. The company also registered a 50 per cent increase in its total income for the quarter on a yearly basis.
 
However, in a recent development, NYLIM Jacob Ballas India Fund III LLC and Resurgence PE Investments filed petitions against the company and its subsidiary Religare Finvest in the Delhi High Court.
 
The petition has been filed in respect to the exercise of put options held by Jacob Ballas and Resurgence PE in relation to their investments of Rs. 200 crore and Rs. 150 crore in Religare Finvest. According to a filing by Religare Enterprises, Jacob Ballas and Resurgence PE command quantum of claims worth Rs. 394 crore and Rs. 277 crore, respectively. The hearing of the case is scheduled for Wednesday.